Energy stocks on track for worst week since March 2020 as recession fears rise
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Oil and gas stocks add to recent losses as U.S. crude oil plunges nearly 6% on Friday, as interest rate hikes from major central banks around the world spark concerns about a sharp economic slowdown.
Comex July WTI crude oil (CL1:COM) -5.7% at $110.83/bbl, while August Brent crude (CO1:COM) -5% at $113.82/bbl.
Energy (XLE) is the worst performing sector on the S&P 500 Index, -5.7% while the broader market inches higher.
Diamondback Energy (FANG) -9.3%, making it the day's worst performing S&P 500 stock, with Devon Energy (DVN) -8.9%, Marathon Oil (MRO) -8.3%, ConocoPhillips (COP) -7.9% and Pioneer Natural Resources (PXD) -8%.
Among the global oil majors: (BP) -5.2%, (XOM) -4.7%, (CVX) -4.5%, (SHEL) -3.9%.
The SPDR S&P Energy Select ETF has shed 15% this week and on pace for its worst weekly decline since March 2020, and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is on pace to fall for an eighth straight session.
Other relevant ETFs include (USO), (VDE), (OIH), (IEO), (CRAK)
Brent crude is on track for its first weekly drop in five weeks, and U.S. crude for its first decline in eight weeks, alongside collapsing equity markets on worries about a possible recession as several central banks announced big rate hikes.
"Consistent with the broader market pre-occupation with rates and inflation, the oil market narrative may now turn to focus more on affordability, rather than on supply," Investec head of commodities Callum Macpherson told Reuters.
Market sentiment also has been hit with criticism from the Biden administration; recent reports said the White House was considering limits on oil product exports.