Shares of energy services company Oceaneering International (NYSE: OII) fell as much as 10% on Thursday, with NexTier Oilfield Solutions (NYSE: NEX) dropping as much as 14%, and Apergy (NYSE: APY) down by as much as 15%. By the close of trading, all three were still in the red for the day, but off their lows. Oceaneering managed to work off most of its early losses, closing down just about 1% or so. NexTier wasn't so lucky, finishing out the day with a roughly 10% drop. Apergy pulled up the rear with a 13.5% decline.
Notably, oil was up on the day, going in the opposite direction as these services firms. Higher energy prices would normally be seen as a positive for companies that provide products, drilling, and engineering services to exploration and production companies. But there's a massive disconnect today in the energy sector between supply and demand.
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