Energy stocks slammed as oil plunges to lowest since December 2021
The energy sector (NYSEARCA:...
The energy sector (NYSEARCA:XLE) suffered the largest decline among the S&P's 11 industry sectors Wednesday, with crude oil and natural gas prices dropping sharply as problems at Credit Suisse reignited a wave of risk-off selling.
Six of the 10 biggest losers on the S&P 500 were in the oil and gas group: Halliburton (HAL) -9%, Marathon Oil (MRO) -8.5%, Devon Energy (DVN) -8.3%, Schlumberger (SLB) -8.2%, APA Corp. (APA) -8%, Diamondback Energy (FANG) -7.4%.
Front-month Nymex crude(CL1:COM) for April delivery finished -5.2% to $67.61/bbl, clsoing below $70 for the first time since December 2021 and capping a 12% drop during the past three sessions; front-month May Brent crude (CO1:COM) closed -4.8% to $73.69/bbl.
Also, U.S. front-month Nymex natural gas(NG1:COM) for April delivery ended -5.2% to $2.439/MMBtu.
Dow finishes down nearly 300 points amid bank fears
U.S. stocks ended lower Wednesday, with the Dow Jones Industrial Average falling almost...
U.S. stocks ended lower Wednesday, with the Dow Jones Industrial Average falling almost 300 points, as concerns over troubled Credit Suisse Group CS added to worries about the banking system. The Dow DJIA closed 0.9% lower, while the S&P 500 SPX shed 0.7% and the technology-heavy Nasdaq Composite COMP edged up around 0.1%, according to preliminary data from FactSet. The Swiss National Bank said Wednesday that it will provide liquidity to Credit Suisse “if necessary.” The S&P 500’s financial sector slumped 2.8% Wednesday, one of the index’s worst-performing sectors along with energy and materials and industrials.
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major market futures. U.S stocks are sharply lower in the pre-market amid fresh worries of a banking crisis along with a larger-than-expected fall in February’s retail sales.
WTI and Brent crude oil are trading down as concerns over Credit Suisse’s impact on the world markets outweighed hopes of a Chinese demand recovery. Oil was higher after China released data showing their economic activity had increased within the first two months of the year, as consumption and infrastructure investment drove the recovery from the country’s COVID-19 curbs. Additionally, a stronger dollar also weighed in on prices. Investors are waiting to see whether today’s EIA inventory data comes in line with yesterday’s 1.2 million barrel increase reported by the API.
Natural gas futures are lower, tracking losses in crude and on forecasts for warmer weather in the near term.
US stock futures fall early Wednesday, as investors mull the latest inflation report. Bank stocks are rising again as nerves calm — though SVB-driven fears are still niggling. Here are the latest market moves.
Earnings on deck: Samsung, Adobe, and more, all reporting.
Scientists blame natural gas production for southern Colorado earthquakes
Recent earthquakes in southern Colorado are being blamed on wastewater injection wells—just like those...
Recent earthquakes in southern Colorado are being blamed on wastewater injection wells—just like those in Oklahoma in years past and in the Permian Basin of West Texas in the past several months.
The southern Colorado quakes are near the city of Trinidad, an area known as the Raton Basin. Scientists blame nearby natural gas production and waste injection wells.
“I think it’s highly likely that these earthquakes were induced by the wastewater disposal operations in the area,” Justin Rubinstein, a research geophysicist with the U.S. Geological Survey, said in an interview with Colorado NewsLine.
