Oil and gas stocks suffer broad selloff as crude prices drop in wake of SVB collapse

The energy sector was suffering a broad selloff Monday, as worries that the recent bank failures will trigger an economic slowdown which saps demand for crude oil. The Energy Select Sector SPDR exchange-traded fund XLE sank 2.8% in premarket trading, with all 23 of its equity components losing ground. Among the more active components, shares of Occidental Petroleum Corp. OXY shed 3.2%, Devon Energy Corp. DVN lost 3.2%, Marathon Oil Corp. MRO slid 3.8%, Exxon Mobil Corp. XOM gave up 2.

The energy sector was suffering a broad selloff Monday, as worries that the recent bank failures will trigger an economic slowdown which saps demand for crude oil. The Energy Select Sector SPDR exchange-traded fund XLE sank 2.8% in premarket trading, with all 23 of its equity components losing ground. Among the more active components, shares of Occidental Petroleum Corp. OXY shed 3.2%, Devon Energy Corp. DVN lost 3.2%, Marathon Oil Corp. MRO slid 3.8%, Exxon Mobil Corp. XOM gave up 2.

$boil is up

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US regulators bail out SVB customers, who can access all their money Monday | CNN BusinessBiden administration says depositors will have access to their money Monday after SVB's collapse as a second regional bank in New York failed Sunday. Socialism for the rich, rugged individualism for everyone else. So I assume forgiving all student debt & medical debt should be no problem now, right? 'Good news, folks! Your money is safe and sound...until the next regional bank decides to go belly up.'
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