{"id":68757,"date":"2023-10-04T16:47:09","date_gmt":"2023-10-04T20:47:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/energy-stocks-sink-to-3-month-low-as-oil-crashes-5-but-rare-sign-of-hope-for-gas-prices\/"},"modified":"2023-10-04T16:47:13","modified_gmt":"2023-10-04T20:47:13","slug":"energy-stocks-sink-to-3-month-low-as-oil-crashes-5-but-rare-sign-of-hope-for-gas-prices","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68757","title":{"rendered":"Energy Stocks Sink To 3-Month Low As Oil Crashes 5%\u2014But Rare Sign Of Hope For Gas Prices"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Energy stocks and crude oil prices alike collapsed Wednesday as investors digested new concerns about falling demand amid an increasingly shaky macroeconomic environment, though the slide came with a silver lining for American consumers.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>International oil benchmark Brent crude tanked 5.1% to $86.26, falling to its lowest price since August 30, while domestic benchmark West Texas Intermediate also fell 5%.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The slide came after JPMorgan strategists warned \u201cdemand destruction\u201d has begun for the commodity globally and the Energy Information Administration revealed U.S. demand for gasoline declined 5% year-over-year during the four-week period ending Friday.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Energy stocks, which enjoyed a strong September as crude prices surged, tanked Wednesday amid a broader market rally due to concerns about what lower inputs will mean for profits.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>The XLE exchange-traded fund tracking S&amp;P 500 energy stocks fell some 3.2% in Wednesday trading to its lowest close since July 28.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>A staggering 14 of the S&amp;P\u2019s 15 worst performers Wednesday were energy stocks, according to FactSet data.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$3.74. That\u2019s the average price per gallon of gas in the U.S., according to GasBuddy, hitting its lowest level in two months. Those hoping for gas prices, a key input for inflation, to come down further will likely receive further welcome news in coming weeks as lower oil prices make their way to the pump.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Oil prices and energy stocks both surged in 2022 as the industry enjoyed record profits due in part to instability associated with Russia\u2019s invasion of Ukraine. After declining more than 10%, crude prices began creeping back up this summer, hitting their highest level of 2023 last month. Brent and WTI are both up significantly year-to-date even after Wednesday\u2019s slump.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Energy\u2019s sister utilities sector continued its cold spell Wednesday, registering another day of stock losses. Utilities are by far the worst-performing of the S&amp;P\u2019s 11 sectors this year, shedding 21%.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/10\/04\/energy-stocks-sink-to-3-month-low-as-oil-crashes-5-but-rare-sign-of-hope-for-gas-prices\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Energy stocks and crude oil prices alike collapsed Wednesday as investors digested new concerns about falling demand amid an increasingly shaky macroeconomic environment, though the slide came with a silver lining for American consumers. Key Facts International oil benchmark Brent crude tanked 5.1% to $86.26, falling to its lowest price since August 30, while [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":68758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-68757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Energy Stocks Sink To 3-Month Low As Oil Crashes 5%\u2014But Rare Sign Of Hope For Gas Prices | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Energy stocks and crude oil prices alike collapsed Wednesday as investors digested new concerns about falling demand amid an increasingly shaky\" \/>\n<meta name=\"robots\" content=\"index, follow, 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