GTLS - Here's Why Chart Industries Stock Is Crashing 25% Today
Shares of Chart Industries (NASDAQ: GTLS) are down 25.3% at 1:28 p.m. EDT on March 9 in the midst of one of the worst days for both stocks and energy in years. Both the Dow Jones Industrials and S&P 500 are down around 6% at this writing, while oil prices have plummeted 20% and are now within shouting distance of the lows from 2016, when both Brent and West Texas crude fell below $20 per barrel.
At recent prices, Brent futures had fallen to $36.11 per barrel, while West Texas intermediate was just above $33 per barrel. Since peaking in early January, oil prices have fallen by an astonishing half in barely two months' time. Today's massive oil sell-off is the result of the breakdown in negotiations between OPEC and Russia to cut their combined output by 1.5 million barrels per day. Last week, Russia balked at cutting its output, and over the weekend, Saudi Arabia took off the gloves and slashed prices.
Image source: Chart Industries.