Oil and gas stocks suffer broad, sharp selloff as crude futures drop

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The S&P 500’s energy sector was suffering a unanimous selloff, as crude oil CL00, -4.37% and natural gas futures NG00, -0.84% slumped amid growing demand concerns and as the Biden administration calls for a gas-tax holiday. The SPDR Energy Select Sector ETF XLE, +5.18% dropped 3.4% with all 21 equity components losing ground, as crude oil futures shed 4.4% and natural gas futures lost 1.0%. Futures ES00, -1.17% for the S&P 500 SPX, +2.45% were down 1.4%. The energy ETF’s biggest decliners were shares of Marathon Oil Corp. MRO, +3.11%, down 5.2%, and Devon Energy Corp. DVN, +4.38%, down 4.5%. Among other more-active components, shares of Occidental Petroleum Corp. OXY, +3.93% slid 3.4%, Exxon Mobil Corp. XOM, +6.22% declined 3.0% and Kinder Morgan Inc. KMI, +3.74% shed 2.6%. The best performer was Williams Companies Inc.’s stock WMB, +4.00%, which fell 1.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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