Oil and gas stocks suffer broad, sharp selloff as crude futures drop


The S&P 500’s energy sector was suffering a unanimous selloff, as crude oil
CL00,
-4.72%

and natural gas futures
NG00,
-0.98%

slumped amid growing demand concerns and as the Biden administration calls for a gas-tax holiday. The SPDR Energy Select Sector ETF
XLE,
+5.18%

dropped 3.4% with all 21 equity components losing ground, as crude oil futures shed 4.4% and natural gas futures lost 1.0%. Futures
ES00,
-1.33%

for the S&P 500
SPX,
+2.45%

were down 1.4%. The energy ETF’s biggest decliners were shares of Marathon Oil Corp.
MRO,
+3.11%
,
down 5.2%, and Devon Energy Corp.
DVN,
+4.38%
,
down 4.5%. Among other more-active components, shares of Occidental Petroleum Corp.
OXY,
+3.93%

slid 3.4%, Exxon Mobil Corp.
XOM,
+6.22%

declined 3.0% and Kinder Morgan Inc.
KMI,
+3.74%

shed 2.6%. The best performer was Williams Companies Inc.’s stock
WMB,
+4.00%
,
which fell 1.9%.



Read More: Oil and gas stocks suffer broad, sharp selloff as crude futures drop

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