The tariff war launched by President Trump resulted Friday in a second day of tumbling values of shares in Oklahoma energy firms.
Two companies, NGL Energy Partners and Vital Energy dropped 17% at the end of Friday’s trading. Ovintiv, while technically not an Oklahoma-based company but one with heavy exploration in the STACK and SCOOP plays, fell 16%. ONEOK dropped 13% and so did Helmerich & Payne.
Only two companies recorded gains on Friday.
The plunge in Oklahoma energy shares came as crude oil prices dropped 7%, their lowest mark in more than three years. China’s announced response to President Trump’s tariffs incuded additional tariffs of 34% on all U.S. goods from April 10. China is th world’s top oil importer.
West Texas Intermediate crude, the U.S. benchmark lost $4.96 or 7.4% per barrel before ending at $61.99 on the New York Mercantile Exchange. At one point in the trading, WTI hit $60.45 per barrel. The Friday closing resulted in WTI’s drop of 10.6% for the week, the biggest fall in two years.
Brent, the global benchmark, finished down $4.56 or 6.5% at $65.58 a barrel. Its low in the trading was $64.03. The standard fell 10.9% for the week, the biggest weekly loss in percentage terms in 18 months.
Natural gas prices also plummeted, falling 30 cents or 7.27% to $3.87 per MMBtu.
The following is a list of Oklahoma energy stocks.
