Energy stocks

In the week ending March 22, oilfield services stock McDermott International (MDR) fell the most among the energy stocks under review in this series, which include the following ETFs:

  • the Alerian MLP ETF (AMLP)
  • the Energy Select Sector SPDR ETF (XLE)
  • the VanEck Vectors Oil Services ETF (OIH)
  • the VanEck Vectors Oil Refiners ETF (CRAK)
  • the SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

Oilfield Services Fell the Most in the Energy Space

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).

Other underperformers

Diamond Offshore Drilling (DO) and Oil States International (OIS) were the second and fourth-highest losses among energy stocks. For oilfield services stocks, the contraction in the US oil rig count might be a concern for investors. Last week, the oil rig count fell by nine to 824—the lowest level since April 20, 2018.

Upstream stock Murphy Oil (MUR) was the fifth-largest loss among energy stocks last week, despite a small rise of 0.4% in US crude oil. On March 22, S&P moved Murphy Oil to credit watch “negative” from “stable.” On the same day, Murphy Oil stock fell 7.9%, while US crude oil futures fell 1.6%.

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