Over a 40-day period starting in early October and continuing until last week, the oil and gas sector worldwide lost a combined value of around $1 trillion, according to San Antonia Express News. This dramatic decline included a record 12-day straight period of markets crashing and the worst single-day price drop in three years.
New York markets reported a decline of more than 25% in crude price during this period as, after peaking at above $76, the value of a barrel fell by 7% to below $56 while oil and gas stock prices plummeted along with them.
Energy stocks included in the S&OP 500 Index dropped a combined value of almost $240bn during this period, with Exxon Mobil shareholders losing $35bn in those 40 days alone.
President Donald Trump fueled market uncertainty earlier this week when he called on OPEC to produce more oil in an effort to keep fuel prices low on November 19 and tweeted "let's go lower!", a call for energy prices to continue to drop. This was followed by OPEC revising its oil demand projection downward for the upcoming year in response to softening economic growth.
"The bears still have the oil market firmly in their grip," commented Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. "No end to the downswing is in sight for the foreseeable future," he added.