Closing prices: High inventory levels make oil traders nervous about summer demand

While US households stay upbeat about the labor market and expected moderation of inflation, gas prices could start to rise if demand goes down.

Reuters reports US consumer confidence decreased in June.  That reality combines with high inventory levels to make oil traders nervous about summer demand for fuel.

US crude stocks advanced 914 thousand barrels last week.  The American Petroleum Institute figures show gasoline inventories increased by 3.843 million barrels, while distillates fell by 1.178 million barrels.

Official government data will come out later today (Wednesday).

West Texas Intermediate crude finished the day down $1.01 at $80.74 a barrel.

Brent crude finished down 60 cents at $85.01 a barrel.

Here are the Oklahoma energy stocks:

Alliance Resource Partners, L.P.

24.09 USD +0.08 (+0.33%)

Canoo Inc

1.62 USD -0.08 (-4.71%)

Chesapeake Energy Corp

84.62 USD -1.16 (+1.37%)

Coterra Energy Inc

27.65 USD +0.00 (+0.00%)

Devon Energy Corp

47.37 USD -0.27 (-0.57%)

Empire Petroleum Corp

5.30 USD +0.10 (+1.92%)

Gulfport Energy Corp

155.59 USD -1.26 (-0.80%)

Helmerich and Payne Inc

35.09 USD +0.35 (+1.01%)

LSB Industries Inc

8.15 USD -0.22 (-2.63%)

Mach Natural Resources LP

19.40 USD -0.29 (-1.47%)

Mammoth Energy Services Inc

3.24 USD -0.14 (-4.14%)

Matrix Service Co

9.73 USD -0.31 (-3.09%)

NGL Energy Partners LP

5.19 USD +0.01 (+0.19%)

OGE Energy Corp

35.26 USD -0.59 (-1.65%)

ONE Gas Inc

60.50 USD -0.83 (-1.35%)

ONEOK Inc

81.02 USD +0.13 (+0.16%)

Ovintiv Inc

46.67 USD -0.54 (-1.14%)

PHX Minerals Inc

3.24 USD +0.05 (+1.57%)

SandRidge Energy Inc

12.93 USD -0.15 (-1.15%)

Southwestern Energy Co

6.82 USD -0.11 (-1.59%)

Unit Corp

36.70 USD +0.10 (+0.27%)

Vital Energy Inc

43.46 USD -0.74 (-1.67%)

Williams Companies Inc

42.89 USD -0.22 (-0.51%)

 

The post Closing prices: High inventory levels make oil traders nervous about summer demand first appeared on Oklahoma Energy Today.