Energy stocks see worst trading day since November 2022 amid sliding oil prices

Yahoo Finance Live takes a look at energy stocks and crude oil prices as they experience the worst trading day since November.

Video Transcript

JARED BLIKRE: Now I am watching the energy sector. And let me see if I can pull that up here. And as I’m saying that, it’s falling out of bed today with the– the large– let me see if I can get this chart up here. Hold on. I’m sorry. I got some fat fingers on this little tablet. There we go. Now, this is a year-to-date, and here is the intraday. And we’re going to see a lot of red there. And in fact– there we go– with the S&P’s largest large-cap energy index, it’s having its worst day since November.

And this is on the back of crude oil selling off again below $80 a barrel. Saudi oil minister– name is Prince Abdulaziz bin Salman– he has huge sway in the OPEC+ cartel. He’s doubling down on the group’s agreement late last year to stop intervening in the oil market. And we see crude oil, today it was off about 3%, down to about $75, $76 per barrel. You can see it right there– 76.34. Well, even if it went into the 60s, they’re saying they’re going to stand by. That would mean good prices– good thing for consumers at the pump here.

But when it comes to the energy producers, they’re having a little bit of a rough go of it. Now, don’t shed a tear for these guys. They had a great last year. And ExxonMobil, I’m just going to pull up a chart here. You can see over the last two years, it has more than doubled, up over 111%.

DAVE BRIGGS: And it is some good news for those drivers at the pump. We’re seeing gas prices, 3.42. Kind of settle in down a penny in a week and only up, what, $0.09 over the last month. So seems like pretty solid level that they’re settling in on for now.