- OPEC announced Friday that it was going to continue producing oil at near-record levels, despite the glutted market.
- Weather forecasts released Monday continued to show above-average temperatures in the next two weeks, putting a damper on expected purchases of heating fuel.
- Many oil and gas companies had taken on large debt loads to fund domestic drilling projects when prices were higher; oil companies with heavy debt loads saw their stocks hit especially hard in the downturn.
Tuesday, December 8, 2015
Another Blow to the Energy Sector
Just when you thought it couldn't get worse for energy stocks, they took another beating yesterday. Light, sweet crude dropped nearly 6 percent, to $37.65 a barrel, and several oil & gas stocks plummeted by 10 percent or more on the day. What happened?