Oil Prices Ease Slightly, Remain Near Six-Month High
Despite losses of a quarter of a percent on Monday, crude oil prices were still at a six-month high as a third round of nuclear talks between the U.S. and Iran was set to be held later in the week.
Energy markets continue to closely monitor developments involving Iran nuclear negotiations, as any agreement could potentially affect global crude supply and pricing. Traders reacted cautiously to headlines suggesting possible progress, weighing the impact sanctions relief could have on Iranian exports.
Iran indicated it might be ready to make concessions on its nuclear program in exchange for the U.S. removal of sanctions and recognition of its right to enrich uranium.
West Texas Intermediate (WTI) Crude
West Texas Intermediate crude finished down 17 cents or 0.26% at $66.31 per barrel on the New York Mercantile Exchange.
WTI remains elevated compared to recent months, supported by geopolitical tensions and ongoing supply discipline among major producers.
Brent Crude
Brent crude, the global benchmark, closed down 27 cents or 0.38 at $71.49 per barrel.
Brent continues to trade at a premium to WTI, reflecting international demand dynamics and broader global supply considerations.
Natural Gas Prices
Natural gas prices slipped $0.059 or 1.94% on Monday, settling at $2.988 MMBtu.
Natural gas markets have seen recent volatility tied to weather forecasts, storage levels, and industrial demand trends.
Oklahoma Energy Stocks
By a slight majority, most Oklahoma energy stocks finished Monday with losses. Gulfport Energy and SandRidge Energy each recorded 3% declines for the day.
Other regional producers and service firms also experienced mixed trading as investors weighed commodity price movements and broader market sentiment.