Not only did crude oil prices drop about 2% in Monday’s trading to reach a two-week low, but Oklahoma energy stocks suffered as well, some falling 7% and 8% in trading.
What prompted the fall? News of growing interest over Chinese starup DeepSeek’s low-cost artificial intelligence model. It prompted concerns over energy demand to power data centers, reported Reuters. Oil traded lower earlier in the day on weak economic data from China and the growing concern that President Trump’s proposed tariffs might weaken energy demand.
Yahoo news reported NRG dropped more than 13%, Constellation Energy, the largest nuclear plant operator in the US, tumbled 21%, while electricity generator Vistra Corp sank by a record 28%.
West Texas Intermediate crude finished down $1.49 or 2.0% at $73.17 a barrel on the New York Mercantile Exchange. The WTi close was the lowest since Jan. 2.
Brent crude, considered the global standard, dropped $1.42 or 1.8% and closed for the day at $77.08 a barrel. It was the lowest close for Brent since Jan. 9.
Brent futures fell $1.42, or 1.8%, to settle at $77.08 a barrel, while U.S. West Texas Intermediate (WTI) crude ended $1.49, or 2.0%, lower at $73.17.
Natural gas prices took a more than 8% tumble on Monday. It closed down 33 cents or 8.19% at $3.70 per MMBtu.
Oklahoma energy stocks suffered on Monday. Big drops were recorded by Canoo at nearly 14%, Williams Cos. at 8%, Gulfport Energy at 7% and Alliance Resource Partners at more than 6%.