Hess Corp. HES shares are trading lower by 8.41% to $96.47 Tuesday afternoon. Shares of energy companies are trading lower amid a drop in oil prices as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook.
Per CNBC on Tuesday, West Texas Intermediate (WTI) crude is trading below $100 for the first time since May 11. At last check, WTI crude is lower by 8.38% to $99.34.
Energy companies were also trading lower last week after OPEC+ agreed to stick to its planned output increase of 648,000 barrels per day in August, which has pressured oil prices.
Shares of oil stocks at large have seen marked volatility in recent months due to supply concerns. Energy names have also been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns. The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.
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