TALO - What's Wrong With Oil and Gas Stocks Right Now?
2024-06-07 16:43:26 ET
Oil prices dropped like a rock this week and that hit oil-related stocks hard. Ironically, it was OPEC+ extending production cuts that sent oil lower, which seems a little backward.
According to data provided by S&P Global Market Intelligence , shares of Helix Energy Solutions (NYSE: HLX) fell as much as 11.4%, Talos Energy (NYSE: TALO) was down 12.3%, Diamond Offshore (NYSE: DO) dropped 14.4%, and Transocean (NYSE: RIG) fell up to 14.4% this week. The stocks were down 10.3%, 11%, 7.8%, and 12.9% respectively at the market's close for the week.
You can see the change in Brent crude's price below, which is what pushed energy stocks lower. And the oil production and service companies are leveraged plays on oil, so it's no surprise they were heavily impacted.
For further details see:
What's Wrong With Oil and Gas Stocks Right Now?