Here’s Why Oil and Gas Stocks are Tanking Now
Aside from the fact that markets worldwide are having a calamitous day, the energy sector (NYSE:XLE) is shedding value more quickly due to this x-factor, oil prices (NYSE:USO). Crude futures dropped for their fifth consecutive session today, down -5.85% to under $88 per barrel. Natural Gas (NYSE:UNG) too is spiking lower, losing -3.74% in September futures after this morning inventories came in higher than expected. Gasoline (NYSE:UGA) has also descended over the day, with futures losing -6.14% to settle at close to $2.75 per gallon. Put it all together, add the macroeconomic worries, and we have an explanation for one of the energy sector’s worst days in months.
Here’s a look at how a panel of popular stocks are performing:
Chevron Corp. (NYSE:CVX): -4.74%, Exxon-Mobil (NYSE:XOM): -3.72%, ConocoPhillips (NYSE:COP): -4.49%, Hess Corp. (NYSE:HES): -4.99%, BP Plc. (NYSE:BP): -4.65%, Total S.A. (NYSE:TOT): -4.81%, Marathon Oil Corp. (NYSE:MRO): -6.33%, Statoil ASA (NYSE:STO): -6.77%, and Murphy Oil Corp. (NYSE:MUR): -5.38%.