Market decline

Industry update: Energy stocks drive broader market decline midday Monday as oil price tumbles

Energy stocks were leading a broader market decline on Monday afternoon, with the NYSE Energy Sector Index falling around 5.2% and the SPDR Energy Select Sector ETF (XLE) down 5.5%.

First-month West Texas Intermediate crude was about $6 lower at $96.04 a barrel, while the benchmark Brent contract was down $6.51 at $100.14 a barrel. Henry Hub natural gas futures rose $0.08 to $6.74 per 1 million BTU.

In company news, Ion Geophysical (IO) rose more than 30% despite saying on Friday that it had been told by the New York Stock Exchange that it was no longer compliant with the rules of continued trading after failing to timely file its Form 10-K for the fiscal year ended December 31, 2021.

Tidewater (TDW) announced that it has completed the acquisition of the Swire Pacific Offshore Holdings Limited unit of Swire Pacific Limited. The tidal water has dropped more than 5% recently.

EQM Midstream Partners, a unit of Equitrans Midstream (ETRN), said it amended a credit agreement to reduce total available commitments to $2.16 billion. Equitrans Midstream was down around 4.9% recently.

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