Surprise surge in crude stocks sent crude prices falling

Crude oil prices dropped 1% in Wednesday’s trading, largely because of an unexpected surge in U.S. crude inventories and further easing of worries about an all-out war in the Middle East between Iran and its allies against Israel.

US benchmark, West Texas Intermediate dropped $1.37 or 1.8% to settle at $76.98 a barrel on the New York Mercantile Exchange.

Brent crude, the global standasrd, fell 93 cents or 1.15% at $79.76 a barrel on ICE Futures Europe.

Other energy firms recorded gains for the day, according to the Texas Energy Report.

APA Corp. (Apache) (APA) up 0.03 at 28.95 – change 0.10%

Cheniere (LNG) up 2.21 at 14.12 – change 1.21%

Chevron (CVX) up 0.52 at 144.66 – change 0.36%

ConocoPhillips (COP) up 0.99 at 19.33 – change 0.91%

Diamondback Energy (FANG) up 0.31 at 196.45 – change 0.15%

Energy Transfer LP (ET) up 0.39 at 15.97 – change 2.50%

Enterprise Products Partners (EPD) up 0.62 at 28.89– change 2.19%

EOG Resources (EOG) up 0.18 at 126.54 – change 0.14%

Exxon Mobil (XOM) up 1.09 at 118.95 – change 0.92%

Kinder Morgan (KMI) up 0.04 at 20.96 – change 0.19%

Marathon Oil Corp. (MRO) up 0.23 at 27.65 – change 0.3%

NOV Inc. (NOV) down 0.15 at 17.57 – change 0.80%

Occidental Petroleum (OXY) down 0.52 at 57.94 – change 0.91%

Phillips 66 (PSX) up 3.04 at 137.69 – change 2.25%

Tellurian Inc. (TELL) up 0.01 at 0.90 – change 1.42%

Valero (VLO) up 0.28 at 147.82 – change 0.18%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 0.89 at 97.24 – change 0.91%

CenterPoint (CNP) down 0.11 at 25.77 – change 0.43%

Entergy (ETR) up 0.72 at 117.99 – change 0.61%