A day after President Trump declared a national energy emergency, crude oil prices reacted Tuesday by falling 1% internationally and nearly 3% in the U.S.
The declaration is part of Trump’s plan to boost domestic production and at the same time, Macquarie predicts a larger drawdown in weekly domestic supplies.
West Texas Intermediate for February delivery fell $1.99 or 2.6% to $75.89 on the New York Mercantile Exchange.
Brent crude futures finished down 86 cents or 1.1% to $79.29 per barrel.
Natural gas prices closed down 19 cents or 4.86% to $3.76.
As for Oklahoma energy stocks, they split the day. Bankrupt Canoo led the way with a 73% fall in shares followed by Devon Energy with a more than 3% tumble and Unit Corporation recording a nearly 4% drop on Tuesday.