XLE Sector 66.64 -4.6%
Pressure from a lower price of oil amid ongoing concerns about the strength of global growth. WTI crude is down $3.31, or 3.3%, at $95.19/bbl, returning to a level not seen since early April.
Extension of a pullback in the best performing sector of the year. Even with this week’s 8.3% loss, energy is the only sector with a year-to-date gain, having climbed 20.2% since the end of 2021.
Notable movers:
Diamondback Energy (FANG 106.40, -7.74, -6.8%): weakest performer in the sector, returning to unchanged for the year.
EOG Resources (EOG 97.89, -6.93, -6.6%): falling to its lowest level since late January. RBC Capital Markets downgraded the stock to Sector Perform from Outperform with a $150 target.
Marathon Oil (MRO 19.83, -1.30, -6.2%): falling past its 200-day moving average (20.99) to a level not seen since early February.
Hess (HES 92.46, -5.73, -5.8%): falling past its 200-day moving average (95.25) to a level not seen since mid-March.
Devon Energy (DVN 49.03, -2.87, -5.5%): falling to its lowest level since late January after finding resistance near its 200-day moving average (52.59).
Halliburton (HAL 27.41, -1.48, -5.1%): falling to its lowest level since late January.
Marathon Petroleum (MPC 77.86, -3.88, -4.8%): falling to its lowest level since mid-March with its 200-day moving average (77.08) looming below.
ConocoPhillips (COP 80.62, -4.02, -4.8%): falling to its lowest level since late January.
Exxon Mobil (XOM 81.04, -3.77, -4.5%): falling to its lowest level since late April.
Chevron (CVX 136.88, -5.78, -4.1%): falling past its 200-day moving average (138.68) to a level not seen since late February.
ONEOK (OKE 53.07, -2.03, -3.7%): best performer in the sector, revisiting yesterday’s low.