As traders believed that a bank crisis would lead to an economic slowdown, shares of energy companies plunged.
Jerome Powell, Chairman of the Federal Reserve, warned Wednesday that a recent bank crisis could result in a decrease in lending activity. This would hinder economic activity.
As economic optimism faltered, oil futures fell to $70 per barrel. After a buildup of storage, natural gas futures dropped.
According to The Wall Street Journal, oil-and-gas giants like Chevron, Halliburton and Eni are investing more in Africa as Europe's demand grows.