Oil and gas stocks suffer broad selloff as crude prices drop in wake of SVB collapse
The energy sector was suffering a broad selloff Monday, as worries that the recent bank failures will trigger an economic slowdown which saps demand for crude oil. The Energy Select Sector SPDR exchange-traded fund (XLE) sank 2.8% in premarket trading, with all 23 of its equity components losing ground. Among the more active components, shares of Occidental Petroleum Corp. (OXY) shed 3.2%, Devon Energy Corp. (DVN) lost 3.2%, Marathon Oil Corp. (MRO) slid 3.8%, Exxon Mobil Corp. (XOM) gave up 2.7% and Chevron Corp. (CVX) sank 2.9%. The biggest decliner in the energy ETF was Targa Resources Corp.'s stock (TRGP), which fell 5.0%. Meanwhile, crude oil futures tumbled 5.0%, and futures for the S&P 500 has lost 0.8%.
-Tomi Kilgore
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03-13-23 0920ET
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