Shares of oil and gas companies were taking a broad beating ahead of Friday’s open, as growing concerns of a coming recession has sent crude oil futures
CL00,
sinking toward an eight-month low. The SPDR Energy Select Sector ETF
XLE,
slumped 3.2% in premarket trading, with all 21 components selling off, as crude futures shed 3.4% and while futures
ES00,
for the S&P 500
SPX,
fell 1.4%. Within energy ETF, the biggest decliners were shares of Marathon Oil Corp.
MRO,
and Devon Energy Corp.
DVN,
which both fell 4.0%. Among the more-active components, shares of Occidental Petroleum Corp.
OXY,
slid 3.5% and Exxon Mobil Corp.
XOM,
declined 2.9%. The best performer was Williams Companies Inc.’s stock
WMB,
which gave up 2.3%.
Read More: Energy stocks suffer broad beating as crude oil futures continue to sink