In the week ending February 8, upstream stock Denbury Resources (DNR) fell the most among the energy stocks under review in this series, which include the following ETFs:
In addition to US energy companies, a few foreign-headquartered integrated energy companies listed in the United States are also under review including Imperial Oil (IMO) and China Petroleum & Chemical (SNP).
Upstream stocks lead the decline
Chesapeake Energy (CHK), SM Energy (SM), Carrizo Oil & Gas (CRZO), and California Resources (CRC) had the second, third, fourth, and fifth-largest declines on our list of energy stocks. XOP fell the most among major energy subsector ETFs last week. Denbury Resources, SM Energy, Carrizo Oil & Gas, and California Resources operate with a production mix of at least 60% in liquids based on the latest quarterly production data. Liquids include crude oil, condensates, and natural gas liquids. Chesapeake Energy operates with a production mix of ~72.4% in natural gas.
The downtrend in energy commodities and the fall in the bullish sentiments in the broader market might have dragged these energy stocks. The S&P 500 (SPY) was unchanged, while US crude oil and natural gas prices fell 4.6% and 5.5%, respectively, in the last week.