Crude Oil Prices Show Mixed Movement
Crude oil prices were weak on Friday as U.S. prices fell slightly while overseas oil prices finished up about 25 cents a barrel. It was also a poor day for Oklahoma energy stocks.
The Associated Press reported that prices continue fluctuating within a tight trading range due to shifting supply expectations and ongoing geopolitical developments, including potential progress in Russia-Ukraine peace discussions.
Russia increased its oil production in November, Deputy Prime Minister Alexander Novak said Friday, according to Russian news agencies.
WTI and Brent Close with Diverging Results
West Texas Intermediate (WTI) crude in the U.S. finished down at $57.53 per barrel on the New York Mercantile Exchange—7 cents lower than Thursday’s $57.60 close.
Brent crude closed up 24 cents at $61.50 per barrel.
Natural Gas Prices Decline Again
Natural gas prices finished down, settling at $4.113 MMBtu after rising earlier in the week to more than $5 MMBtu.
Friday’s close represented a decline of $0.118 or 2.79%.
Oklahoma Energy Stocks Take a Hit
Friday was a negative day for nearly all Oklahoma energy stocks we follow.
• Helmerich & Payne — nearly 5% loss
• Mammoth Energy Services — nearly 5% loss
• Empire Petroleum — finished up more than 3%
• Only a few others recorded gains, while most posted losses.