Biden’s announcement sent crude prices down

Monday produced another drop in crude oil prices and it came on the heels of President Biden’s weekend announce he will not seek a second term in the White House—instead endorsing Vice President Kamala Harris.

It proved the second consecutive session of losses in crude oil prices.

US benchmark West Texas Intermediate crude saw its futures for August delivery end on Monday with a 35 cent drop to $79.78 a barrel on the New York Mercantile Exchange. It also was a one-month low.

As for Brent crude, the global standard, it dropped 23 cents or 0.3% to settle at $82.40 a barrel on ICE Futures Europe.

August natural gas rose 12 cents to $2.25 per 1,000 cubic feet.

A split day in trading is the best way to describe Oklahoma energy stocks following Monday’s activities.  Canoo dropped nearly 7% while gains by the Oklahoma related companies had gains mostly in the 2%, 3% and 4% range.

Many other energy stocks experienced losses for the day, according to the Texas Energy Report.

APA Corp. (Apache) (APA) down 0.50 at 31.27 – change 1.55%

Cheniere (LNG) down 1.03 at 180.90 – change 0.57%

Chevron (CVX) down 2.16 at 156.99 – change 1.36%

ConocoPhillips (COP) down 2.03 at 112.32 – change 1.78%

Diamondback Energy (FANG) down 0.79 at 204.68 – change 0.39%

Energy Transfer LP (ET) down 0.06 at 16.38 – change 0.37%

Enterprise Products Partners (EPD) down 0.02 at 29.98 – change 0.07%

EOG Resources (EOG) down 2.33 at 126.92 – change

1.81%Exxon Mobil (XOM) down 0.80 at 115.27 – change 0.69%

Kinder Morgan (KMI) up 0.36 at 21.85 – change 1.67%

Marathon Oil Corp. (MRO) down 0.44 at 28.28 – change 1.54%

NOV Inc. (NOV) down 0.18 at 18.79 – change 0.95%

Occidental Petroleum (OXY) down 1.92 at 61.21 – change 3.05%

Phillips 66 (PSX) up 1.64 at 140.11 – change 1.18%

Tellurian Inc. (TELL) up 0.38 at 0.96 – change 68.12%

Valero (VLO) up 0.69 at 149.02 – change 0.46%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 1.21 at 94.35 – change 1.29%

CenterPoint (CNP) down 0.01 at 28.96 – change 0.04%

Entergy (ETR) up 0.54 at 111.02 – change 0.48%