Tensions ease in the Middle East and crude oil prices dropped on Wednesday

With no major outbreak in fighting in the Middle East, investors seem less concerned about any impact on the flow of oil out of the region.  As a result, prices fell in Wednesday’s trading.

At the same time, crude inventories across the U.S. tumbled and it stopped a further fall in oil prices.

West Texas Intermediate crude, the U.S. benchmark fell 55 cents or 0.66% to $82.81 a barrel on the New York Mercantile Exchange.

The global benchmark, Brent crude, dropped 40 cents or 0.45% and finished at $88.02 a barrel on ICE Futures Europe.

May natural gas fell 16 cents to $1.65 per 1,000 cubic feet.

Most Oklahoma energy stocks recorded gains for the day including a nearly 2.5 % gain for Chesapeake Energy. But there were a few stocks with losses and one of the most notable was Empire Petroleum with a drop of more than 8% for the day.

Other energy stocks were mostly up in Wednesday’s trading, according to the Texas Energy Report.

APA Corp. (Apache) (APA) down 0.01 at 32.04 – change 0.04%

Cheniere (LNG) down 1.48 at 157.41 – change 0.94%

Chevron (CVX) up 0.72 at 163.57 – change 0.44%

ConocoPhillips (COP) down 0.57 at 129.28 – change 0.44%

Diamondback Energy (FANG) up 0.87 at 205.24 – change 0.42%

Energy Transfer LP (ET) down 0.03 at 15.87 – change 0.19%

Enterprise Products Partners (EPD) up 0.14 at 29.05 – change 0.48%

EOG Resources (EOG) up 0.80 at 135.60 – change 0.59%

Exxon Mobil (XOM) up 0.02 at 121.05 – change 0.01%

Kinder Morgan (KMI) up 0.05 at 18.80 – change 0.26%

Marathon Oil Corp. (MRO) down 0.29 at 27.53 – change 1.05%

NOV Inc. (NOV) down 0.03 at 18.82 – change 0.16%

Occidental Petroleum (OXY) down 0.06 at 67.33 – change 0.09%

Phillips 66 (PSX) down 1.05 at 157.79 – change 0.67%

Pioneer Natural Resources (PXD) up 0.28 at 275.52 – change 0.10%

Tellurian Inc. (TELL) up 0.03 at 0.44 – change 7.47%

Valero (VLO) down 0.54 at 167.00 – change 0.33%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.81 at 86.37 – change 0.94%

CenterPoint (CNP) up 0.34 at 29.07 – change 1.18%

Entergy (ETR) down 0.72 at 106.46 – change 0.68%