Chevron's Stock Is Now Near Its Lowest Price of 2017

Chevron (CVX) was among the worst-performers on the Dow Jones Industrial Average on Wednesday as a bruising performance on commodities markets bled over into the energy sector.

The Dow component tanked 1.5% to $102.63 a share on Wednesday morning, setting the stock up to close at its lowest level of the year.

Losses in crude oil prices picked up speed on mid-morning Wednesday after a surprise increase in domestic crude stockpiles, the first increase in nine weeks. Inventories rose by 3.3 million barrels in the past week, the Energy Information Administration (EIA) said, surprising analysts looking for a decrease of 3.5 million barrels. Gasoline and distillates stockpiles both increased.

West Texas Intermediate crude was down 4.3% to $46.13 a barrel on Wednesday.

It's already been a rough year so far for the energy sector as concerns over a global supply imbalance curbed investor appetite for oil companies. Chevron has tumbled nearly 13% since the beginning of the year.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev

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