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Why High-Yield Energy Stocks Are Getting Pummeled Today

TheMotleyFool

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Why High-Yield Energy Stocks Are Getting Pummeled TodayPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png

Oil prices tumbled on Friday after Russia refused to agree to an OPEC-led plan to reduce oil supplies further. By 1:15 p.m. EST, the U.S. oil benchmark, WTI, had tumbled nearly 8%, causing a massive sell-off across the industry, with several large producers plunging more than 10%.

The carnage in the energy sector isn't sparing anyone, including midstream companies, which don't have much direct exposure to oil prices. Several tumbled more than 10% by the mid-afternoon, including ONEOK (NYSE: OKE), Targa Resources (NYSE: TRGP), Plains GP Holdings (NYSE: PAGP), Enable Midstream Partners (NYSE: ENBL), and EnLink Midstream (NYSE: ENLC).