The latest market slide persists despite a tightening of domestic supply. According to the Energy Information Administration, commercial crude stocks—excluding the Strategic Petroleum Reserve—dropped by 3.8 million barrels to 408.4 million barrels during the week ending June 26. These reserves currently sit roughly 7% below the five-year average for this time of year, yet the data failed to provide a floor for falling futures.
Energy Stocks Slip as Crude Oil Prices Hit Multi-Month Lows
Crude oil prices tumbled to $68.58 a barrel today, marking a 1.3% decline that pulled energy stocks down with them. This retreat to the lowest price point since the onset of the Iran conflict represents a broader trend, as oil has now finished lower in six of the last eight sessions.
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