Possible ceasefire in Gaza sent crude prices down on Friday

Energy News March 22, 2024 OK Energy News Comments Off on Possible ceasefire in Gaza sent crude prices down on Friday 35 Views

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The possibility of a ceasefire in Gaza resulted in weaker crude benchmarks on Friday. But as Reuters reported, the shrinking U.S. rig count cushioned the fall.

Observers believe if peace talks are successful, it might convince Yemen’s Houthi rebels to allow oil tankers to pass unharmed through the Red Sea.

West Texas Intermediate crude fell 44 cents to $80.63 a barrel on the New York Mercantile Exchange.

Global benchmark Brent crude dropped 35 cents a barrel and settled at $85.43 on ICE Futures Europe.

April natural gas fell 2 cents to $1.68 per 1,000 cubic feet.

Friday saw losses for most Oklahoma energy stocks including a 5% drop for Mammoth Energy Services.

Alliance Resource Partners, L.P.

19.71 USD−0.28 (1.40%)

Canoo Inc

4.28 USD−0.060 (1.38%)

Chesapeake Energy Corp

86.31 USD+0.060 (0.070%)

Coterra Energy Inc

27.29 USD−0.11 (0.40%)

Devon Energy Corp

48.37 USD−0.16 (0.33%)

Empire Petroleum Corp

5.31 USD+0.070 (1.34%)

 Gulfport Energy Corp

159.61 USD−0.43 (0.27%)

Helmerich and Payne Inc

41.28 USD−0.30 (0.72%)

LSB Industries Inc

7.97 USD−0.070 (0.87%)

Mach Natural Resources LP

18.57 USD−0.33 (1.75%)

Mammoth Energy Services Inc

3.71 USD−0.20 (5.12%)

Matrix Service Co

13.08 USD+0.14 (1.08%)

NGL Energy Partners LP

5.85 USD+0.025 (0.43%)

OGE Energy Corp

33.71 USD+0.13 (0.39%)

ONE Gas Inc

62.41 USD−0.56 (0.89%)

ONEOK Inc

79.03 USD−0.44 (0.55%)

Ovintiv Inc

50.94 USD−0.55 (1.07%)

PHX Minerals Inc

3.15 USD+0.070 (2.27%)

SandRidge Energy Inc

14.11 USD−0.17 (1.19%)

Southwestern Energy Co

7.28 USD−0.0100 (0.14%)

Unit Corp

35.70 USD−0.26 (0.72%)

Vital Energy Inc

50.00 USD−0.85 (1.67%)

Williams Companies Inc

38.25 USD−0.17 (0.43%)

The post Possible ceasefire in Gaza sent crude prices down on Friday first appeared on Oklahoma Energy Today.