Tensions and less demand sent prices downward
Crude oil and Oklahoma energy stocks suffered losses on Thursday. Oil retreated due to falling demand and the easing of concerns about a renewed Middle East conflict between the US and Iran.
Reuters reported global oil demand will rise more slowly than previously expected this year, the International Energy Agency said on Thursday, while projecting a sizeable surplus despite outages that cut supply in January.
West Texas Intermediate crude fell $1.79 or 2.77% to settle at $62.84 a barrel on the New York Mercantile Exchange.
Brent crude dropped $1.88 or 2.71% and closed at $67.52 a barrel.
Natural gas prices rose for another day on Thursday, reaching $3.215 MMBtu. They rose $0.0576 or 1.77%.
Nearly every one of the Oklahoma energy stocks we monitored finished Thursday with losses. Mammoth Energy Services and Stardust Power led the way with 7% drops for the day. One bright spot was the 5% gain for NGL Energy Partners.