Energy stocks suffer broad selloff as crude oil prices drop toward 7-month low
Shares of energy companies took a broad beating Monday, as crude...
Shares of energy companies took a broad beating Monday, as crude oil futures sank toward seven-month lows amid demand concerns as China's economy slows. The SPDR Energy Select Sector ETF xle dropped 4.2% in morning trading, with all 21 equity components losing ground, after closing Friday at a two-month high. The component losses ranged from Kinder Morgan Inc.'s kmi 2.6% decline to Halliburton Co.'s hal 5.6% fall. Elsewhere, shares of Chevron Corp. cvx slid 3.6% to pace the Dow Jones Industrial Average's djia decliners. Among the other more-active components, shares of Exxon Mobil Corp. xom shed 4.2%, Occidental Petroleum Corp. oxy slumped 4.5%, Devon Energy Corp. dvn gave up 5.1% and Marathon Oil Corp. mro declined 5.4%. Meanwhile, continuous crude oil futures cl00 were down 5.3% toward the lowest settlement since Jan. 28, and the S&P 500 spx lost 0.4%.
US Gulf production picks up after pipeline leak fixed
Production has resumed at six US Gulf of Mexico platforms that were shut in after a leak at a booster...
Production has resumed at six US Gulf of Mexico platforms that were shut in after a leak at a booster station in Louisiana forced Shell to close its Mars and Amberjack pipelines. The pipeline outage affected platforms operated by Shell, Chevron and Equinor.
Falling gas prices provide sign inflation is waning
Gasoline prices have fallen below $4 a gallon for the first time since March, contributing to hopes that...
Gasoline prices have fallen below $4 a gallon for the first time since March, contributing to hopes that inflation is slowing. The drop is attributed to fewer concerns that supply might become restricted, although Goldman Sachs analysts say the situation might be affected by an increase in crude oil prices later this year. Meanwhile, OPEC has cut a forecast for growth in global oil demand.
Swelling profits helped shale producers reduce debt loads and bolster their cash reserves in the second...
Swelling profits helped shale producers reduce debt loads and bolster their cash reserves in the second quarter, Bloomberg data show, providing companies with more capital to fund dividends, share buybacks and acquisitions. "Energy companies have come a long way toward repairing and reinforcing their balance sheets and are in a much stronger position today to handle another downturn in commodity prices than they were going into the 2015 or 2020 crashes," said Bloomberg Intelligence analyst Spencer Cutter.
U.S. stocks lose ground as China stirs global slowdown fears
U.S. stocks lost ground early Monday morning, under pressure as weak China data underlined...
U.S. stocks lost ground early Monday morning, under pressure as weak China data underlined concerns over the global growth outlook and investors paused for breath after last week extending a bounce off mid-June lows.
The Dow Jones Industrial Average DJIA, -0.10% fell 54 points, or 0.2%, to 33,708.
The S&P 500 SPX, -0.25% was off 14 points, or 0.3%, at 4,267.
The Nasdaq Composite COMP, -0.22% lost 33 points, or 0.3%, to trade at 13,014.
The S&P 500 advanced 3.3% last week, its fourth straight weekly gain and longest such winning streak since November. The Dow rose 2.9% last week, while the Nasdaq Composite gained 3.1%
