OVV - Gas stocks outperform oil stocks as crude tumbled more than 3% Monday

Oil stocks (XLE) tumbled along with oil (USO) and the market (SPY) Monday, as China lockdowns and SPR supply took their toll on the commodity. UBS strategist Giovanni Staunovo noted that the Swiss bank lowered its June Brent oil (CO1:COM) forecast by $10/b to $115/b. While Bank of America cut its summer price forecast to $120/b, after saying last month that crude could hit $200/b if the West implemented energy export sanctions against Russia.  Natural gas (NG1:COM) prices rallied on the day, up ~6% by the close, as a colder forecast, falling inventories, and the risk of Russian gas curtailments all provided a tailwind to pricing.  Following the commodities, oil-focused producers like Occidental (OXY), Cenovus (CVE) and Ovintiv (OVV) all traded down more than 5%. While natural gas powerhouse EQT (EQT) rose 2%+ Monday. Refiners traded down on the back of a demand scare stemming from China lockdowns, with Phillips (PSX)

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Gas stocks outperform oil stocks as crude tumbled more than 3% Monday