Oklahoma energy stocks suffered major losses again, just one day after they rebounded with impressive gains following President Trump’s delay in tariffs on many of the countries across the world. At the same time, crude oil prices took a $2 drop or more than 3% and had a domino affect on trading of Oklahoma energy firms.
Helmerich & Payne along with Vital Energy each dropped 15% while Ovintiv tumbled 12%, Devon Energy 11% and NGL Energy Partners finished down 9%.
One exception to the losses was a 10% gain recorded by lithium miner Stardust Power, the firm that began work in January on a mining operation in Muskogee.
The crude oil decline came, according to Reuters, came as investors reassessed the Trump administration’s pause in U.S. tariffs. Oil prices gained $2 on Wednesday after the President announced his 90-day pause.
Brent crude, the global standard, fell $2.15 or 3.3% to $63.33 a barrel.
West Texas Intermediate crude in the U.S dropped $2.28 or 3.7% to close at $60.07 a barrel on the New York Mercantile Exchange.
Natural gas dropped 26 cents for a 6.79% fall to $3.56 per MMBtu.
Alliance Resource Partners LP
