Crude Oil Faces Steepest One-Day Drop In Over Two Years, Energy Stocks Plunge: Prices 'Are Likely To Remain Under Pressure,' Analyst Says
Portfolio Pulse from Piero Cingari
Crude oil prices dropped over 6% following Israeli airstrikes in Iran, impacting U.S. energy stocks and sector ETFs. The United States Oil Fund (USO) saw a significant decline, and major energy ETFs like XLE, XOP, and OIH also experienced losses. Analysts predict oil prices will remain under pressure due to geopolitical tensions, China's declining demand, and potential OPEC+ production increases.
October 28, 2024 | 1:27 pm
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NEGATIVE IMPACT
APA Corporation saw a decline of 3% to 4% as part of the broader sell-off in energy stocks.
APA is part of the energy sector, which is experiencing a sell-off due to falling oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
Diamondback Energy, Inc. experienced a decline of 3% to 4% amid the broader energy stock sell-off.
FANG is part of the energy sector, which is experiencing a sell-off due to falling oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
Kosmos Energy Ltd experienced a 4% decline amid the broader sell-off in energy stocks.
KOS is part of the energy sector, which is experiencing a sell-off due to falling oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
Liberty Energy Inc. experienced a 4% decline as oil services companies faced losses due to declining oil prices.
LBRT is part of the oil services sector, which is impacted by the drop in oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
Marathon Oil Corporation saw a decline of 3% to 4% as part of the broader sell-off in energy stocks.
MRO is part of the energy sector, which is experiencing a sell-off due to falling oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
Noble Corporation plc fell by about 4% as oil services companies faced losses due to declining oil prices.
NE is part of the oil services sector, which is impacted by the drop in oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
The VanEck Oil Services ETF (OIH) dropped 1.7% as oil services companies faced losses due to declining oil prices.
OIH tracks oil services companies, which are impacted by the drop in oil prices, leading to a decline in the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
ProPetro Holding Corp. fell by about 4% as oil services companies faced losses due to declining oil prices.
PUMP is part of the oil services sector, which is impacted by the drop in oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
The United States Oil Fund (USO) experienced a significant drop of over 6% as crude oil prices fell following Israeli airstrikes in Iran.
USO tracks WTI crude oil prices, which fell significantly due to geopolitical tensions. This directly impacts USO's value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Vital Energy Inc. saw a 4% decline amid the broader sell-off in energy stocks.
VTLE is part of the energy sector, which is experiencing a sell-off due to falling oil prices.
CONFIDENCE 75
IMPORTANCE 55
RELEVANCE 60
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) fell 2.3% as energy stocks declined due to falling oil prices.
XLE tracks large-cap U.S. energy companies, which are affected by the drop in oil prices, leading to a decline in the ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) slid 2.8% amid a broader decline in exploration and production stocks.
XOP is affected by the overall decline in exploration and production stocks due to falling oil prices.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 75