COM - Energy stocks drop with crude prices as SVB collapse sparks economic fears

2023-03-13 10:11:38 ET

Shares of oil and gas producers fall sharply in early trading on Monday after oil prices plunged as much as 5% on concerns that the failures of Silicon Valley Bank and Signature Bank could lead to an economic slowdown which saps demand for crude oil.

Crude oil futures have bounced a bit from earlier losses, with April WTI crude on Nymex ( CL1:COM ) -3.5% at $73.97/bbl and May Brent crude on ICE ( CO1:COM ) -3% at $80.29/bbl.

The Energy Select Sector SPDR ETF ( NYSEARCA: XLE ) currently -2.9% , with all 23 of its equity components losing ground, led by Marathon Oil ( MRO ) -4.6% , Phillips 66 ( PSX ) -4.3% , Valero Energy ( VLO ) -4.2% , APA Corp. ( APA ) -4.1% , Marathon Petroleum ( MPC ) -3.7% and Devon Energy ( DVN ) -3.5%.

ETFs: ( NYSEARCA: USO ), ( BNO ), ( UCO ), ( DBO ), ( SCO ), ( USL ), ( DRIP ), ( GUSH ), ( USOI ), ( NRGU )

Crude oil futures fell last week as doubts mounted about the outlook for global demand, sparked largely by fears the Federal Reserve will push for more aggressive interest rate hikes .

For further details see: