The dramatic crash in oil prices has sent energy stocks nosediving, battering a sector that had already been hit hard by shrinking demand due to the coronavirus outbreak and by cooling investor sentiment because of the climate crisis.
Shares of BP (BP) are down nearly 18% in early trading in Europe, while Royal Dutch Shell (RDSA) has lost 14%.
ExxonMobil (XOM) shares are down more than 11% in premarket trading, while Chevron (CVX) is down nearly 12%.
On Sunday, Saudi Aramco shares fell below their IPO price for the first time since they started trading in December. They've lost more than 15% in the past two days.
No help for airlines: Falling oil prices would typically provide some relief for airlines, which get a boost when fuel costs are low. But evaporating demand for flights as the novel coronavirus spreads means carriers aren't getting a lift.
Shares of Norwegian Air Shuttle dropped another 12% on Monday, while Air France KLM's (AFLYY) stock is off 3%, bringing its year-to-date decline to 44%.
British Airways owner IAG's (ICAGY) shares are 2.7% lower. The stock has dropped more than 32% this year.