10:20 a.m. Sept. 21, 2020
- By Tomi Kilgore
Energy stocks knocked down by tumbling crude oil, natural gas pricesThe energy sector was taking a broad beating, enough to pace all of the S&P 500's sectors in declines, amid a sharp drop in crude oil and natural gas prices and a selloff in the broader stock market. The SPDR Energy Select Sector ETF slid 4.6%, with all 26 components losing ground. Among the more active components, shares of oil and gas producers Exxon Mobil Corp. dropped 3.7%, Marathon Oil Corp. lost 5.6%, Occidental Petroleum Corp. shed 4.0% and Chevron Corp. declined 4.4%, while the stocks of oil services companies Halliburton Co. tumbled 9.9% and Schlumberger Ltd. sank 8.5%. Crude oil futures fell 4.8% to below $40 a barrel, amid , and natural gas futures plunged 11.3%. Meanwhile, the S&P 500 dropped 2.4%, with all 11 sector tracking ETFs losing ground.