Energy stocks knocked down by tumbling crude oil, natural gas prices

Allegheny Technologies Inc

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Company profile

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, components and machined parts. The FRP segment produces, converts and distributes stainless steel, nickel-based alloys, specialty alloys, and titanium and titanium-based alloys, in a range of product forms, including plate, sheet, engineered strip, and Precision Rolled Strip products.

Energy stocks knocked down by tumbling crude oil, natural gas prices

2:20 pm ET September 21, 2020 (MarketWatch) Print

The energy sector was taking a broad beating, enough to pace all of the S&P 500's sectors in declines, amid a sharp drop in crude oil and natural gas prices and a selloff in the broader stock market. The SPDR Energy Select Sector ETF (XLE) slid 4.6%, with all 26 components losing ground. Among the more active components, shares of oil and gas producers Exxon Mobil Corp. (XOM) dropped 3.7%, Marathon Oil Corp. (MRO) lost 5.6%, Occidental Petroleum Corp. (OXY) shed 4.0% and Chevron Corp. (CVX) declined 4.4%, while the stocks of oil services companies Halliburton Co. (HAL) tumbled 9.9% and Schlumberger Ltd. (SLB) sank 8.5%. Crude oil futures fell 4.8% to below $40 a barrel, amid expectations that Libyan crude will soon return to the market (http://www.marketwatch.com/story/oil-prices-tumble-on-expectations-for-return-of-libyan-crude-production-global-stock-market-selloff-2020-09-21), and natural gas futures plunged 11.3%. Meanwhile, the S&P 500 dropped 2.4%, with all 11 sector tracking ETFs losing ground.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 21, 2020 14:20 ET (18:20 GMT)