Oil and gas stocks suffer broad selloff as crude prices drop in wake of SVB collapse

The energy sector was suffering a broad selloff Monday, as worries that the recent bank failures will trigger an economic slowdown which saps demand for crude oil. The Energy Select Sector SPDR exchange-traded fund
XLE,
-2.64%
sank 2.8% in premarket trading, with all 23 of its equity components losing ground. Among the more active components, shares of Occidental Petroleum Corp.
OXY,
-2.10%
shed 3.2%, Devon Energy Corp.
DVN,
-3.13%
lost 3.2%, Marathon Oil Corp.
MRO,
-4.19%
slid 3.8%, Exxon Mobil Corp.
XOM,
-2.11%
gave up 2.7% and Chevron Corp.
CVX,
-1.82%
sank 2.9%. The biggest decliner in the energy ETF was Targa Resources Corp.’s stock
TRGP,
-1.96%,
which fell 5.0%. Meanwhile, crude oil futures
CL00,
-2.73%
tumbled 5.0%, and futures
ES00,
+0.03%
for the S&P 500
SPX,
-0.37%
has lost 0.8%.