CLR - Why Continental Resources Stock Nosedived Almost 60% in March
Shares of Continental Resources (NYSE: CLR) cratered 59.7% in March, according to data provided by S&P Global Market Intelligence. Weighing on the oil company was a more than 50% crash in crude oil prices, which forced it to slash spending.
Crude oil prices crumbled last month due to the dual shockwaves from the COVID-19 pandemic and the unexpected end of Russia's market support agreement with OPEC. Those issues are causing oil to pile up in storage facilities, which are filling to the brim. That has the industry growing concerned it will run out of storage space, which would push oil even lower, forcing companies to shut off their oil pumps.
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