Oil Giants Shed 5-8% Amid Plunging Oil Prices

Cat:

Related stories

Visualizing Trump’s 2026 Budget Proposal

Key Takeaways The 2026 budget request includes a $114...

Umo Eno: Professing Love For Tinubu Without Joining APC, ‘Anti-party’

By Kolawole Ojebisi The Akwa Ibom State Governor, Umo Eno,...

King Charles Recognizes Beckham’s Impact, Knights Ex-England’s Captain

By Kolawole Ojebisi After a sterling football career spanning two...

Tinubu Mourns Uwais, Says Ex-CJN ‘A Phenomenal Jurist’

By Kolawole Ojebisi President Bola Tinubu has extended his heartfelt...

After losing between 6-7% on Wednesday, oil prices are taking a toll on energy equities, with European giants shedding 6-8% and American oil companies down 5-7%.

As the markets attempt to digest two bank failures in the U.S., a plunge in shares of Credit Suisse and plummeting bank stocks on two continents, fears mount that a banking collapse could lead to a sustained economic downturn and cap demand for oil.

“It is hard to look past Credit Suisse and the obvious crisis of confidence,” Craig Erlam, senior market analyst at Oanda, told Reuters.

“We are no longer talking about a few regional U.S. banks. We are talking about a major European bank and the shock waves are reverberating through the entirety of financial markets today,” he said.

At 1.52 p.m. EST, Exxon (NYSE:XOM) was trading down 5.4%, with Chevron (NYSE:CVX) shedding nearly 5% and mid-caps such as Apache down 8.44%, followed by EOG Resources (-7%) and Occidental Petroleum (NYSE:OXY), down over 6%.

Across the Atlantic, equities plunged, with BP (NYSE:BP) down 7.6%, Shell (NYSE:SHEL) down over 7.3%, Italian Eni (NYSE:E) down over 6% and Spanish Repsol (OTCMKTS: REPYY) down over 7.7%. French TotalEnergies (NYSE:TTE) was down over 5.6%

The oil price collapse comes on the heels of the Energy Information Administration’s (EIA) inventory data released earlier on Wednesday, showing a build in crude oil inventories last week, with inventories now 7% higher than the five-year average.

The oil price rout also comes despite the International Energy Agency’s (IEA) predictions on Wednesday that the oil market would swing into a supply deficit in the second half of this year amid an economic rebound in China. Those predictions, however, are largely unchanged from last month’s report and failed to act as a counterweight to bank collapses.

At 2:05 p.m. EST on Wednesday, oil prices were recouping some losses, with Brent crude clawing its way back to $73.47 per barrel, down 5.14% on the day, and WTI down 5.64%, at $67.31 per barrel. NB: Tom Kool wrote this article for Oilprice.com

Tom Kool
Tom Kool
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Trump asks aides if they think Musk’s behavior could be related to alleged drug use, source saysVisualizing Trump’s 2026 Budget ProposalUmo Eno: Professing Love For Tinubu Without Joining APC, 'Anti-party'King Charles Recognizes Beckham's Impact, Knights Ex-England's CaptainTinubu Mourns Uwais, Says Ex-CJN 'A Phenomenal Jurist'U.S. Remittance Tax Casts Shadow Over African EconomiesAkwa-Ibom Commissioner Defies Gov Umo Eno, Resigns, Says I Can't Join Gov In APCTrump Vs Musk: JD Vance Declares Support For US President Amid Online RowExclusive: Inside Details Of Sanwo-Olu’s Alleged Strained Ties With TinubuRevealed! The most beautiful city in AfricaElon Musk’s Fortune Plummets By $34 Billion As Feud with Trump EscalatesGov. Umo Eno: Why I Dumped PDP For APC[Video] Akwa Ibom: Gov Umo Eno Officially Defects to APC in Major Political ShiftOtedola Hails Dangote's Refinery As "Eighth Wonder Of The Modern Era"Tears as Mohammed Uwais, ex- Chief Justice of Nigeria, Dies at 89
X whatsapp