After five straight days of gains, crude oil prices dropped by 2% on Monday. The reason? Investors are growingly worried about a likely global recession and how it will weaken demand for fuel.
Meanwhile, Oklahoma energy stocks were mixed with some recording 3% losses while a few had gains of more than 3% and 4%.
West Texas Intermediate crude for December delivery topped $1.51 or 1.6% to settle at $91.13 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for December delivery fell 1.8% on a $1.73 decline to $96.19 a barrel on ICE Futures Europe.
Some of the decline came after Fed Vice Chair Lael Brainard commented that the economy is beginning to feel the more restrictive monetary policy. Chicago Fed President Charles Evans added to the concern that there is a growing opinion at the Fed to raise the target policy rate to nearly 4.5% by March and keep it there.
It proved to be something of a weak day of trading for Oklahoma energy stocks as many recorded losses including a 4% drop for Ovintiv. On the other hand, Empire Petroleum had a 3% gain and LSB Industries went up 4.5%.
Apache (APA) down 1.35 at 41.17 – change 3.18%
Cheniere (LNG) down 6.11 at 167.89 – change 3.52%
Chevron (CVX) down 2.89 at 157.13 – change 1.81%
ConocoPhillips (COP) down 1.71 at 116.80 – change 1.45%
Diamondback Energy (FANG) down 2.12 at 140.31 – change 1.49%
Energy Transfer LP (ET) down 0.20 at 11.34 – change 1.74%
Enterprise Products Partners (EPD) down 0.42 at 24.57 – change 1.69%
EOG Resources (EOG) down 3.75 at 123.70 – change 2.95%
ExxonMobil (XOM) down 2.19 at 98.84 – change 2.17%
Kinder Morgan (KMI) down 0.17 at 17.07 – change 0.99%
Marathon Oil Corp. (MRO) down 0.42 at 27.52 – change 1.51%
National Oilwell Varco (NOV) down 0.48 at 18.00 – change 2.60%
Occidental Petroleum (OXY) down 4.17 at 65.63 – change 5.98%
Phillips 66 (PSX) down 1.39 at 91.11 – change 1.51%
Pioneer Natural Resources (PXD) down 7.28 at 249.60 – change 2.84%
Tellurian Inc. (TELL) down 0.15 at 2.54 – change 5.56%
Valero (VLO) down 2.92 at 110.86 – change 2.57%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.46 at 84.45 – change 1.75%
CenterPoint (CNP) down 0.11 at 26.70 – change 0.42%
Entergy (ETR) up 1.00 at 102.23 – change 0.98%