July 5, 2022, 1:42 p.m. EDT

Oil and gas stocks suffer a broad beating as crude oil, natural gas futures are hit hard

The energy sector took a broad beating in afternoon trading Tuesday, as crude oil and natural gas prices took sharp dives on the back of a surge in the U.S. dollar and continued fears that a recession would dampen demand. The SPDR Energy Select Sector ETF (PSE:XLE) tumbled 5.8% toward a more than four-month low, with all 21 of the equity components losing ground by more than 4%. The biggest decliners were shares of Halliburton Co. (NYS:HAL) , which slumped 9.0%, and APA Corp. (NAS:APA) , which dropped 8.5%. Among the more-active components, Exxon Mobil Corp.'s stock (NYS:XOM) slid 5.0% toward the lowest close since mid-April, even after the company said late Friday that it would get a boost of at least $2.5 billion to second-quarter profit from rising oil and gas prices. Elsewhere, shares of Occidental Petroleum Corp. (NYS:OXY) were knocked down 5.1% and Marathon Oil Corp. (NYS:MRO) took a 7.9% hit. The best performer in the ETF was Chevron's stock (NYS:CVX) , which fell 4.3%. Meanwhile, continuous crude oil futures (NYM:CL00) dove 9.4% and natural gas futures (NYM:NG00) sank 5.8%, while the S&P 500 (S&P:SPX) lost 0.9%.

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