ASX oil stocks are getting crunched

The S&P/ASX 200 might be down more than 2%, but these oil and gas stocks have fallen more than 3%

Mike King

Mike King is a Fool.com.au Investment Analyst and Writer. He caught the investing bug more than a decade ago, at a time when the U.S. had invaded Iraq and fear reigned in the markets. His initial success as the markets took off encouraged his passion and thirst for knowledge. With 13 years behind him at one of Australia's largest domestic banks, Mike's passion for stocks led him to join a boutique funds management firm, where he stayed for four years. A seven-year stint in equity research at one of the largest investment banks in the world followed that, giving Mike a thirst to pursue his passion further. Mike holds a Diploma in Applied Finance and Investment and a Graduate Certificate in Financial Planning. His passion is to help retail investors invest better, and that passion was one of his primary reasons for joining The Motley Fool Australia in late 2011. Mike has written thousands of articles since joining, including for Fairfax Media, Yahoo!7, Ninemsn and has also appeared on ABC's The Business. You can see all of Mikes' holdings here

Published September 10, 2015 2:44 pm AEST

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) might be down more than 2%, but energy stocks are getting hammered after oil prices tumbled overnight.

The benchmark Brent Crude Oil dropped 3.6% to US$47.74 a barrel, while WTI Crude is currently trading at US$43.71 a barrel.

As a result, Liquefied Natural Gas Ltd's (ASX: LNG) share price has crashed 12.6% to $2.08, and has now lost more than half its value in the past 12 months.

Sundance Energy Australia Ltd (ASX: SEA) shares have dropped 10.6% to $0.29, Karoon Gas Australia Limited's (ASX: KAR) share price is down 8% to $1.73, AWE Limited (ASX: AWE) shares have fallen 5.9% to $0.68 and Origin Energy Ltd (ASX: ORG) shares continue to fall, losing 5.8% to $7.49.

Even oil and gas services company Worleyparsons Limited (ASX: WOR) share price has dropped 6.7% to $6.45.

Drillsearch Energy Limited (ASX: DLS), Santos Ltd (ASX: STO), Senex Energy Ltd (ASX: SXY) and takeover target Oil Search Limited (ASX: OSH) are all at least 3% lower today than yesterday.

And there's likely to no relief anytime soon.

Russia has declined to cooperate with OPEC and coordinate production cuts, leading the current oversupply of oil to persist for some time. US crude oil stockpiles also remain nearly 100 million barrels above the five-year average, according to Bloomberg.

Look out below.

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