Why Enbridge, Kinder Morgan, and Enterprise Products Partners Stocks Crashed This Week
Oil and gas stocks have been unstoppable in recent months, and that includes shares of midstream companies that are less perceptible to the fluctuations in oil and gas prices.
Until June 8, shares of Kinder Morgan (NYSE: KMI), Enterprise Products Partners (NYSE: EPD), and Enbridge (NYSE: ENB) had risen more than 20% each this year. That date is important, as these stocks reversed course the next day and have continued their downward spiral this week. Here's how much these midstream oil and gas stocks had fallen through noon ET Friday, according to data provided by S&P Global Market Intelligence.
Oil prices plunged to five-week lows on Tuesday ahead of the Federal Reserve's meeting where it was expected to announce a large interest rate hike to tame inflation that hit 40-year highs in May. Surging COVID-19 cases in China, especially in Beijing, this week added to the market's fears that demand for oil from China may not recover anytime soon.
Source Fool.com
