Solutions For RealSolutions For Real
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

5 Tips For When It Is Time To Quit

July 15, 2025

This Is What 1% Interest Rates Would Mean for Your Money

July 15, 2025

25 Remote Jobs That Let You Set Your Own Schedule

July 15, 2025
Facebook Twitter Instagram
Trending
  • 5 Tips For When It Is Time To Quit
  • This Is What 1% Interest Rates Would Mean for Your Money
  • 25 Remote Jobs That Let You Set Your Own Schedule
  • 10 Bills That Middle-Class Americans Can No Longer Afford
  • How (Le) Poisson Rouge Went From Idea to Music Destination
  • 13 Behaviors People Find Condescending
  • Nvidia CEO: AI Will Change Everyone’s Jobs, Including My Own
  • Charitable Planning After The Big Beautiful Bill (OBBBA) Is Different
Tuesday, July 15
Facebook Twitter Instagram
Solutions For RealSolutions For Real
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
Solutions For RealSolutions For Real
Home » Oil’s Worst Drop in a Year Sends Energy Stocks Lower
Investing

Oil’s Worst Drop in a Year Sends Energy Stocks Lower

News RoomBy News RoomOctober 5, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

Oil prices fell despite a decline in U.S. commercial crude inventories.


Dreamstime

Energy stocks fell hard on Wednesday as oil prices dropped more than they have in a year.

The problem is that Americans are using less gasoline, probably a reaction to high prices. Average gas prices are now at $3.79 per gallon.

West Texas Intermediate crude, the U.S. benchmark, fell 5.6% to $84.22 per barrel, the largest percentage decline since September 2022. Brent crude, the international benchmark, fell  5.6% to $85.81.

The latest government data, released on Wednesday, showed that storage tanks are filling up with gasoline, an indication that people are pumping less of it into their cars. In fact, J.P. Morgan analyst Prateek Kedia wrote in a note on Wednesday that Americans are using less gas than they have in 22 years.

“Sharply higher gasoline prices over the last three months have likely driven this weakness with four-week average US gasoline consumption at 8.3 million barrels per day, 1.1 million lower from when retail gasoline prices bottomed out at the end of June,” Kedia wrote.

Rising interest rates are also raising concerns that the economy could grow more slowly, cutting into demand.

Not only has the Federal Reserve made it clear that it may raise its target for the fed-funds rate higher than investors had expected, and keep it elevated for longer, but yields have been taking off for longer-dated Treasury debt. That boosts the cost of longer-term loans such as mortgages, with potentially negative consequences for the housing market.

The decline in oil prices was sending energy stocks lower. The
S&P 500 Energy Sector
was down 3.3%, making it the market’s worst-performing sector, putting it on pace for its largest percentage decrease since May 2.

Chevron
(ticker: CVX) was the worst performer in the
Dow Jones Industrial Average
after falling 2.3%.
Devon Energy
(DVN) fell 5.3%.
Phillips 66
(PSX) was down 4.5%,
Schlumberger
(SLB) was off 4.7%, and
Marathon Petroleum
(MPC) fell 3.7%.
Halliburton
(HAL) was down 4.5% while
Occidental Petroleum
(OXY) was 3.9% lower.

Write to Angela Palumbo at [email protected]

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

13 Behaviors People Find Condescending

Investing July 15, 2025

Manage Clients, Projects, and Sales Without Leaving Your Dashboard

Investing July 13, 2025

How Mastering Your Nervous System Boosts Leadership Presence and Performance

Investing July 12, 2025

This Former NFL Player Built a Brand Around Nasal Breathing

Investing July 11, 2025

Jack Dorsey Announces Bitchat Messaging App

Investing July 8, 2025

5 Generations, 1 Team — Heres How to Lead a Multigenerational Workforce

Investing July 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

This Is What 1% Interest Rates Would Mean for Your Money

July 15, 20250 Views

25 Remote Jobs That Let You Set Your Own Schedule

July 15, 20250 Views

10 Bills That Middle-Class Americans Can No Longer Afford

July 15, 20250 Views

How (Le) Poisson Rouge Went From Idea to Music Destination

July 15, 20250 Views
Don't Miss

13 Behaviors People Find Condescending

By News RoomJuly 15, 2025

Everyone knows what it’s like to be around someone who just doesn’t make them feel…

Nvidia CEO: AI Will Change Everyone’s Jobs, Including My Own

July 15, 2025

Charitable Planning After The Big Beautiful Bill (OBBBA) Is Different

July 14, 2025

Walmart’s Anti-Theft Crackdown: Honest Shoppers Lose Out

July 14, 2025
About Us
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

5 Tips For When It Is Time To Quit

July 15, 2025

This Is What 1% Interest Rates Would Mean for Your Money

July 15, 2025

25 Remote Jobs That Let You Set Your Own Schedule

July 15, 2025
Most Popular

Allstate Takes New Approach to Return-to-Office: Coworking

November 19, 20243 Views

51 Reasons I Won’t Lend Money to Friends and Family

August 6, 20231 Views

Memorable Stories, Feuds, and Rumors That Made Ed Sullivan …

August 5, 20231 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Solutions For Real. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.