KLXE - Crude oil's worst week in two years drags down energy company stocks

Energy (NYSEARCA:XLE) slumped near the bottom of the week's S&P sector standings, as crude oil prices posted their largest one-week percentage loss in nearly two years. The volatile week left front-month crude plunging 12.8% for U.S. WTI (CL1:COM) to $99.27/bbl and 11.1% for Brent (CO1:COM) to $104.39/bbl, the biggest weekly percentage declines for both benchmarks since late April 2020. President Biden said on Thursday that the U.S. would release 180M barrels from the Strategic Petroleum Reserve over the next six months in the largest release in SPR history, while threatening to impose penalties on domestic drillers for failing to use federal oil permits. The SPR move "may halt oil prices from skyrocketing to $150-plus" and in the short term will weigh on prices, Spartan's Peter Cardillo told the Wall Street Journal. "However with war still in course and Putin demanding to be paid in rubles... it's not going to crush

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Crude oil's worst week in two years drags down energy company stocks