Energy stocks see worst trading day since November 2022 amid sliding oil prices

Yahoo Finance Live takes a look at energy stocks and crude oil prices as they experience the worst trading day since November.

Video Transcript

JARED BLIKRE: Now I am watching the energy sector. And let me see if I can pull that up here. And as I'm saying that, it's falling out of bed today with the-- the large-- let me see if I can get this chart up here. Hold on. I'm sorry. I got some fat fingers on this little tablet. There we go. Now, this is a year-to-date, and here is the intraday. And we're going to see a lot of red there. And in fact-- there we go-- with the S&P's largest large-cap energy index, it's having its worst day since November.

And this is on the back of crude oil selling off again below $80 a barrel. Saudi oil minister-- name is Prince Abdulaziz bin Salman-- he has huge sway in the OPEC+ cartel. He's doubling down on the group's agreement late last year to stop intervening in the oil market. And we see crude oil, today it was off about 3%, down to about $75, $76 per barrel. You can see it right there-- 76.34. Well, even if it went into the 60s, they're saying they're going to stand by. That would mean good prices-- good thing for consumers at the pump here.

But when it comes to the energy producers, they're having a little bit of a rough go of it. Now, don't shed a tear for these guys. They had a great last year. And ExxonMobil, I'm just going to pull up a chart here. You can see over the last two years, it has more than doubled, up over 111%.

DAVE BRIGGS: And it is some good news for those drivers at the pump. We're seeing gas prices, 3.42. Kind of settle in down a penny in a week and only up, what, $0.09 over the last month. So seems like pretty solid level that they're settling in on for now.