Why Oil and Gas Stocks Sank Today

·4 min read
Why Oil and Gas Stocks Sank Today

Shares of virtually all oil and gas stocks crashed today, with even those regarded as among the "safest" oil and gas stocks plunging in value. Diversified integrated major and Warren Buffett favorite Chevron (NYSE: CVX) fell 5%, pipeline company Enterprise Products Partners (NYSE: EPD) fell 5.3%, and shale explorer and producer Diamondback Energy (NASDAQ: FANG) fell a whopping 9.5% as of 1:15 p.m. ET. All of these oil and gas-related stocks seem to be following the plunge in oil prices, as November oil futures fell 5.5% at that time to $78.90 as of this writing, similar to the first two stocks.