Huge market selloff to begin the week as the Dow Jones dropped 843 points, or 3.1%. The S&P 500 lost 2.5% while the Nasdaq Composite fell 1.6%. Stock fell on worse than expected COVID-19 optimism and uncertainty on any new fiscal stimulus. Traders are eyeing key reversal pts in the markets
Crude oil prices take a beating, tumbling below $40, settling around $39.76 around 1:15 PM MST. Natural gas prices do the worst out of any today, losing over 10% with the front month trading around $1.83.
US Shale News
* $OXY pays Buffet preferred stock in cash (https://www.oilandgas360.com/oxy-plans-to-pay-berkshire-dividends-in-cash-for-q3-2020/)
* Shell cutting US jobs (https://www.oilandgas360.com/shell-launches-major-cost-cutting-drive-to-prepare-for-energy-transition/)
* $DEN completes financial restructuring (https://www.oilandgas360.com/denbury-successfully-completes-financial-restructuring/)
* $NOG completes reserves stock split (https://www.oilandgas360.com/northern-oil-and-gas-inc-announces-completion-of-reverse-stock-split-and-provides-strategic-outlook-2/)
International
* Mideast energy forum takes shape to promote gas exports (https://www.oilandgas360.com/mideast-energy-forum-takes-shape-to-promote-gas-exports/)
* Oil prices slip on Libyan oil returning (https://www.oilandgas360.com/mideast-energy-forum-takes-shape-to-promote-gas-exports/) to market
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