Why Oil and Gas Stocks Slumped on Wednesday
Wednesday jolted oil and gas stocks lower, with many companies across the energy sector plummeting within minutes of the market's opening today. Here's how much some of the biggest losers sank at their lowest points during the day:
Oil prices took a breather this morning after a stunning rally, dropping more than 2% as of 3:30 p.m. EDT. And the price of natural gas plummeted 9.3%, backed by some fresh developments in the industry.
On Wednesday, the U.S. Energy Information Administration (EIA) confirmed an increase of 2.3 million barrels in crude oil inventories for last week as more production in the Gulf of Mexico is back on line.
Source Fool.com
