Energy Equities Hang On Despite Negative Oil Price
Photographer: Daniel Acker/Bloomberg
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In a historic Monday for crude prices, energy-exposed equities didn’t quite crater as some may have envisioned.
The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory -- minus $37.63 a barrel. Yet the S&P 500 Energy Index fell just 3.3%, the most since last Thursday, and even posted a brief gain earlier in the session. Leading decliners Occidental Petroleum Corp. and Pioneer Natural Resources Co. posted drops in the single digits. In Canada, Toronto’s energy gauge fell 0.6%.