When OPEC+ decided to continue its production cuts into 2025, it sent huge shock waves through crude oil trading and prices in the US dropped to a near four-month low. Oklahoma energy stocks suffered as well with one firm recording an 11% loss in Monday’s trading.
Crude prices dropped more than $2 a barrel because investors are worried about the demand outlook and the impact of the decision by OPEC+.
West Texas Intermediate crude, considered the US benchmark, fell $2.77 or 3.6% from Friday’s close and settled at $74.22 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, dove $2.75 or 3.4% to settle at $78.36 a barrel on ICE Futures Europe. It was Brent’s first closing below $80 for the first time since Feb. 7.
July natural gas rose 17 cents to $2.76 per 1,000 cubic feet.
Not only did crude oil prices plunge, but so did the majority of Oklahoma energy stocks. For instance, Empire Petroleum sank 11% and Ovintiv and Vital Energy each more than 6%.
Alliance Resource Partners, L.P.
Mach Natural Resources LP
Mammoth Energy Services Inc
NGL Energy Partners LP Unit
Other energy stocks, according to the Texas Energy Report, had the same kind of dismal trading day.
APA Corp. (Apache) (APA) down 1.10 at 29.44 – change 3.58%
Cheniere (LNG) up 2.82 at 160.61 – change 1.78%
Chevron (CVX) down 4.84 at 157.46 – change 2.99%
ConocoPhillips (COP) down 2.61 at 113.87 – change 2.25%
Diamondback Energy (FANG) down 8.56 at 190.71 – change 4.30%
Energy Transfer LP (ET) down 0.29 at 15.38 – change 1.86%
Enterprise Products Partners (EPD) down 0.27 at 28.23 – change 0.95%
EOG Resources (EOG) down 4.91 at 119.64 – change 3.95%
Exxon Mobil (XOM) down 2.81 at 114.45 – change 2.40%
Kinder Morgan (KMI) up 0.01 at 19.50 – change 0.05%
Marathon Oil Corp. (MRO) down 0.56 at 28.41 – change 1.90%
NOV Inc. (NOV) down 1.07 at 17.75 – change 5.69%
Occidental Petroleum (OXY) down 1.93 at 60.57 – change 3.09%
Phillips 66 (PSX) down 3.18 at 138.93 – change 2.24%
Tellurian Inc. (TELL) down 0.03 at 0.49 – change 4.50%
Valero (VLO) down 3.20 at 153.94 – change 2.04%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.17 at 90.08 – change 0.19%
CenterPoint (CNP) up 0.24 at 30.75 – change 0.78%
Entergy (ETR) down 0.71 at 111.78 – change 0.64%
