Levante have made it five consecutive 1-1 draws in La Liga, with Friday's result at Valladolid continuing their amazing streak.
They dominated the first half hour but Valladolid grew into the game and Marcos Andre put them ahead 11 minutes into the second period from Oscar Plano's assist.
The visitors equalised on 81 minutes when Joaquin Fernandez brought down Dani Gomez in the area and Jose Campana scored the penalty.
The result leaves Levante third from bottom and Valladolid one place above them having played a game more.
"We had the game in our favour," lamented Marcos Andre. "I'm happy for my goal but not so pleased about the final score."
Levante's Sergio Postigo said: "We wanted to make a statement but we are really struggling to take our chances.
"We showed that we never give up but we want to start picking up three points. We were close to that tonight."
The action in Spain continues on Saturday with Valencia's home game against Atletico Madrid, and Alaves' trip to Real Madrid the stand-out matches. Leaders Real Sociedad host Villarreal on Sunday.
Australian Associated Press