Tortoise Senior Portfolio Manager Brian Kessens in S&P Global Market Intelligence

Shale gas stocks tumble May 9 with the rest of the market

Shares in shale gas producers retreated May 9 as the bottom fell out of the market after double- and triple-digit-percentage gains over the past 12 months.

“Ouch,” Raymond James & Associates Inc. oil and gas analyst John Freeman told clients before the markets opened May 10. “Markets (particularly energy) hemorrhaged something fierce during Monday’s trading with the S&P finishing down 3.2%, finishing below 4,000 for the first time since March 2021.”

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