Crude oil prices plunged more than $2 a barrel on Friday and nearly every Oklahoma stock suffered losses after President Trump threatened to create increased tariffs on China. It proved to be a 3% drop for crude oil while some Oklahoma energy stocks fell as much as 9% during the day’s trading. In addition, natural gas prices suffered a 5% decline.
For both Brent crude and West Texas Intermediate, it was their lowest marks since early May. Plus, WTI prices fell below $60 a barrel. Brent fell $2.49 or 3.82% to close at $62.73 a barrel, the lowest since May 5. WTI dropped $2.61 or 4.24% a barrel to finish at $58.90 on the New York Mercantile Exchange, also the lowest WTI price since early May.
Natural gas prices fell $0.163 or 4.99% to finish at $3.106 MMbtu.
Friday proved to be a tough day for Oklahoma energy stocks as only one scored gains while every other firm recorded a loss. Vital Energy and Empire Petroleum Corp. suffered 9% losses while Devon Energy, LSB Industries, Mach Natural Resources, Mammoth Energy and SandRidge Energy experienced 5% declines for the day.