Major oil stocks extend slide as crude closes below $100
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The energy sector (XLE
-3.7%) suffered a broad beating Tuesday and the group was the only S&P sector to finish in negative territory, as crude oil prices plunged below $100/bbl.
April WTI crude (CL1:COM) closed -6.4% at $96.44/bbl, its lowest settlement since February 28, and May Brent crude (CO1:COM) ended -6.5% at $99.91/bbl, its lowest since February 25; both benchmarks entered a bear market, down more than 20% from their March 8 settlements, which had marked 14-year highs.
All five of the day's biggest losers on the S&P 500 were oil and gas names: VLO
-6.8%, BKR
-5.7%, XOM
-5.7%, SLB
-5.5%, CVX
-5%.
But others rebounded somewhat to finish off bigger early losses, including MRO
-2.4%, APA
-2.3%, OXY
-1.9%.
ETFs: USO, UCO, SCO, BNO, XOP, VDE, OIH, DRIP
Widespread COVID-related lockdowns in China are spooking the market, "given its resulting impact on energy demand, as well as the uncertainty it brings about further lockdowns," Kpler analyst Matt Smith told MarketWatch.
"Growth concerns from the Ukraine-Russia stagflation wave, and FOMC hike this week, and hopes that progress will be made in Ukraine-Russia negotiations" are weighing on prices, according to Oanda's Jeffrey Halley.
Also, Russian Foreign Minister Sergei Lavrov said U.S. sanctions on his country would not affect progress toward a nuclear deal with Iran.
But Vladimir Putin reportedly told European Council President Charles Michel that Ukraine is "not showing a serious attitude" toward ending the fighting between the two countries.
Finally, OPEC warned in its monthly report that inflation stoked by the Russia-Ukraine war could undercut oil consumption, but it did not change its forecast for strong demand this year.