Oil and gas names pull back as U.S. crude slides below $90/bbl
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The energy sector (XLE
-2.2%) is easily the day's biggest decliner in the S&P 500 standings, with oil prices tumbling as geopolitical pressures ease slightly on potential de-escalation of the Ukraine crisis and the resumption of Iran nuclear talks.
March WTI crude (CL1:COM)
-2.1% to $89.41/bbl, and April Brent (CO1:COM)
-2.1% to $90.75/bbl.
Among the day's noteworthy decliners: APA
-4.5%, OXY
-4.2%, FANG
-3.8%, FTI
-3.5%, EOG
-3.3%, PXD
-3%, MRO
-2.8%, SLB
-2.7%, DVN
-2.7%, XOM
-2.5%.
ETFs: XLE, XOP, VDE, OIH, FENY, FCG, IXC, XES, IYE
French President Macron said he received assurances from Vladimir Putin that there would be no "escalation" of Russian pressure on Ukraine, and diplomats from Iran and world powers have reconvened in Vienna to seek a deal reviving the 2015 nuclear accord.
"Besides the feel good-vibe coming from negotiations, the Biden administration is feeling pressure to lower inflation, and the fastest way to do that would be to lower energy prices" via Iranian supply on the market, Mizuho's Robert Yawger told MarketWatch.
But while geopolitical optimism has prompted some profit taking, the price weakness likely will be short-lived as the oil market remains in a supply deficit, OANDA analyst Edward Moya said.
Another potential impact could come from disruptions at a number of U.S. oil refineries from cold weather.