Monday’s trading produced a fall in crude oil prices as Russia boasted it could easily withstand the latest sanctions from the U.S. on its oil. Losses were reined in because of a potential fall in diesel supplies but the day brought losses for most Oklahoma energy stocks.
The sanctions on Russia, the 18th of their kind from the European Union had been approved on Friday but a spokesman for the Kremlin said Russia was immune from the Western sanctions.
Brent crude, the global benchmark closed Monday 7 cents down or 0.1% to $69.21 a barrel.
US benchmark, West Texas Intermediate crude finished the day down 14 cents or 0.2% to $67.20 a barrel on the New York Mercantile Exchange.
Front-month Nymex natural gas (NG1:COM) for August finished -6.7% to $3.325/MMBtu, its lowest settlement since July 11. Seeking Alpha reported four of the day’s biggest losers on the S&P 500 were in the gas space: EQT Corp. (NYSE:EQT) -9.5%, Expand Energy (NASDAQ:EXE) -8.5%, Coterra Energy (CTRA) -5.3%, Targa Resources (TRGP) -4.5%.
Only a handful of Oklahoma energy stocks finished Monday’s trading in positive territory. The remainder suffered losses for the day including a 10% fall for Gulfport Energy Corp. and a nearly 9% drop for Expand Energy Corp.