Why Oil Stocks Are Under Pressure Again Today [The Motley Fool]
NOBLE ENERGY (NBL)
Last noble energy earnings: 2/12 06:45 am
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Source: The Motley Fool
What happenedOil prices continued sliding today. West Texas Intermediate, the U.S. oil price benchmark, fell .% on the day, closing below $0 a barrel for the first time since 00.That slump in crude prices weighed on most oil stocks, especially those of producers. Several tumbled more than 0% at one point on the day, includingDevon Energy(NYSE:DVNNoble EnergyNASDAQ:NBLOccidental PetroleumNYSE:OXYHessNYSE:HESOvintivNYSE:OVVImage source: Getty Images.So whatOil demand has cratered from the COVID-9 outbreak. According to the International Energy Agency, oil consumption will decline by 9. million barrels per day (BPD) this year. To put that into perspective, it's a decade's worth of oil demand growth. The decline in consumption is causing oil to pile up in storage terminals and oil tankers. The U.S. Energy Information Administration, for example, reported a 9. million-barrel weekly storage increase today, the largest on record.WhileOPEC recently secured a historic agreementwith non-members
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