Oil companies crunched as weak economic data, U.S. stockpiles slam crude

|About: Energy Select Sector SPDR ETF (XLE)|By:, SA News Editor

Energy stocks (XLE -3.6%) suffer a beating alongside plunging crude oil prices after global demand fears were revived by weak economic data from China and Europe and an unexpected build in U.S. crude inventories.

September WTI -4.8% at $54.35/bbl; Brent -4.3% at $58.64/bbl.

U.S. government data showed a second straight weekly gain in crude stockpiles, which are now 3% above their five-year average for this time of year and indicating the availability of plenty of crude oil.

"The global oil demand path appears poised for additional deterioration," according to Jim Ritterbusch, president of Ritterbusch & Associates.

A sampling of energy names: XOM -3.5%, CVX -3%, BP -2.6%, RDS.A -2.2%, COP -4%, SLB -6.4%, BHGE -7%, HAL -6.1%, CRZO -8.8%, EOG -4.8%, PXD -4.2%, APA -6.8%, DVN -5.7%, HES -3.7%, MRO -4.5%, MPC -5.9%, VLO -2.6%, CHK -5.9%, SWN -5.2%, CLR -6.7%, WLL -8.1%, SD -9.5%, SM -11.8%.

ETFs: USO, XLE, OIL, XOP, OIH, BNO

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