Crude futures (CLF24) are declining today to revisit their 2023 second-half lows around $72 per barrel, right around a key technical support level - and near the price zone where the Biden administration has said it would be a buyer of oil. Many energy stocks are also trading lower to start the week, including shares of Scorpio Tankers (STNG).
Longer term, the oil and gas shipping company - valued at right around $3 billion by market cap - is up just 1.8% over the last 52 weeks, and down about 14% from February's 52-week high north of $64.
