# Energy Stocks Sink To 3-Month Low As Oil Crashes 5%—But Rare Sign Of Hope For Gas Prices

> Energy stocks fell to a three-month low on October 4, 2023, as oil dropped about 5%. JPMorgan strategists said demand destruction had begun globally. The EIA reported US gasoline demand fell 5% year over year in the four weeks ending that Friday.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/7913-energy-stocks-sink-to-3-month-low-as-oil-crashes-5-but-rare-sign-of-hope-for
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Reports of demand destruction in gasoline point to weaker crude demand and lower energy prices. The impact on feed markets is indirect, mainly through diesel and freight costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | 1 | -4.9% | -3.6 | Notes the JPMorgan demand-destruction view and the 5% YoY drop in US gasoline demand coinciding with the oil crash. |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | JPMorgan's view that demand destruction had begun and a 5% fall in US gasoline demand reinforced the bearish demand narrative. |

## Sources

- forbes.com: https://www.forbes.com/sites/dereksaul/2023/10/04/energy-stocks-sink-to-3-month-low-as-oil-crashes-5-but-rare-sign-of-hope-for-gas-prices/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.