Why Chevron, Core Labs, and Phillips 66 Stocks Dropped Today

For the second day in a row, oil prices are tumbling Thursday -- and they're taking down shares of companies all across the energy industry along with them. As of 1:30 p.m. ET, oil-field services company Core Laboratories (NYSE: CLB) is down 5.2%, oil major Chevron (NYSE: CVX) is losing 4.8%, and further down the supply chain, refiner Phillips 66 (NYSE: PSX) is suffering worst of all with a 7.5% loss. Retail sales at gas stations were down 8.2% year over year in the first week of June, and that was "the 14th consecutive week that sales have lagged behind 2021 levels," the Journal reported.