Another drop in oil prices happened Friday, thanks to a U.S. May inflation report that was worse than expected and sent the dollar higher and equities lower. The May consumer-price index came in at a year-over-year rate of 8.6%, a 40-year high.
Despite the drop in crude prices, the U.S. benchmark recorded its seventh straight weekly gain.
West Texas Intermediate crude for July delivery fell 84 cents or 0.7% and closed at $120.67 a barrel on the New York Mercantile Exchange. For week, WTI made a gain of 1.5%.
Global benchmark Brent crude for August delivery dropped $1.06 or 0.9% and finished the day at $122.01 a barrel on ICE Futures Europe. Just as WTI finished the week with a gain, Brent crude made a 1.9% weekly gain.
Natural gas for July delivery dropped 1.3% and ended at $8.85 per million British thermal units.
Most Oklahoma energy stocks were down on Friday with Unit Corporation recording a nearly 11% loss on the day.
Other energy stocks recorded losses for the day according to the Texas Energy Report.
Apache (APA) down 1.23 at 48.81 – change 2.46%
Cheniere (LNG) down 1.91 at 135.44 – change 1.40%
Chevron (CVX) down 2.12 at 175.40 – change 1.20%
ConocoPhillips (COP) down 1.73 at 116.83 – change 1.46%
Diamondback Energy (FANG) down 2.34 at 155.49 – change 1.49%
Energy Transfer LP (ET) down 0.40 at 11.64 – change 3.33%
Enterprise Products Partners (EPD) down 0.50 at 27.62 – change 1.78%
EOG Resources (EOG) up 1.51 at 144.00 – change 1.50%
ExxonMobil (XOM) down 1.87 at 100.46 – change 1.83%
Kinder Morgan (KMI) down 0.26 at 19.03 – change 1.35%
Marathon Oil Corp. (MRO) down 0.96 at 30.29 – change 3.08%
National Oilwell Varco (NOV) down 0.57 at 20.00 – change 2.78%
Occidental Petroleum (OXY) down 1.31 at 63.87 – change 2.01%
Phillips 66 (PSX) down 1.96 at 106.31 – change 1.82%
Pioneer Natural Resources (PXD) down 5.91 at 270.87 – change 2.14%
Tellurian Inc. (TELL) down 0.04 at 4.11 – change 0.97%
Valero (VLO) down 2.90 at 140.51 – change 2.03%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) unchanged at 98.26 – change 0.00%
CenterPoint (CNP) down 0.49 at 30.12 – change 1.61%
Entergy (ETR) down 0.26 at 115.93 – change 0.23