Energy Sector Worst Hit as Market Crashes
Thursday, June 23, 2021 2:32 PM

Related Stories



The US stock indexes fell sharply Thursday as crude oil prices slumped 4.50 percent to $91.13. The Dow Jones Industrial Average was off 161.13 points, or 1.33 percent to 11,948.54, Nasdaq Composite Index had lost 3.46 points, or 0.13 percent to 2,665.73, and Standard & Poor’s Index fell 16.11 points, or 1.25 percent to 2,656.10 today. The energy sector was worst hit after the International Energy Agency and the US Department of Energy set plans to release 60 million barrels of oil from strategic reserves and crude-oil futures dropped by 5 percent. Among the decliners were, Exxon Mobil Corp. (NYSE: XOM) down 3 percent to $77.41, Chevron Corp. (NYSE: CVX) slumped 3.15 percent to $97.89, Nabors Industries Ltd. (NYSE: NBR) down 2.65 percent to $23.47, ConocoPhillips (NYSE: COP) lost 2 percent to $71.81, and FMC Technologies fell 2.97 percent to $39.57. In the broader sector, the NYSEArca Oil Index (XOI) fell 2.46 percent to 1,235.62, the NYSEArca Natural Gas Index (XNG) trading down 1.53 percent to 646.72, and the Philadelphia oil Service Index (OSX) dropped 2.41 percent to 249.67. Among the ETF’s, Energy Select Sector Fund ETF (NYSEArca: XLE) was trading lower by 2.23 percent to $71.47 and iShares Dow Jones US Energy ETF (NYSEArca: IYE) also lost 2.43 percent to $40.89 on Thursday.

 

Sponsors

Advertisement


Advertisement