Why Oil and Gas Stocks Plunged This Week
The oil and gas market dropped this week on a number of news items that seemed to hit the energy industry all at once. OPEC is increasing production, the U.S. economy may be slowing, and U.S. tariffs have become a topic once again.
According to data provided by S&P Global Market Intelligence, Marathon Petroleum (NYSE: MPC) fell as much as 8.8% this week and is down 8.2% at 3:00 p.m. ET, Diamondback Energy (NASDAQ: FANG) dropped 12.2% but is now down 10.9%, and Corporation (NASDAQ: APA) lost 9.8% of its value and is currently off 8.9% this week.
On Monday, OPEC+ announced it will increase production in April by an estimated 138,000 barrels per day. The move was said to protect the group's market share and allow flexibility to support the oil market.
Source Fool.com
