On September 16, SM Energy Co fell 5.09% in regular trading, trading at $39.1 per share, with turnover of approximately $51.6 million. The decline was driven by sharp intraday volatility in international crude oil prices combined with rising interest rate expectations, which triggered a broad pullback across the oil and gas sector.

On the macro front, WTI crude briefly broke below the $100 per barrel level, while the IEA's September monthly report projected a decline in global daily oil demand by 2.5 million barrels, significantly weakening the supply-demand outlook. Meanwhile, U.S. August CPI came in at 3.4% year-over-year, exceeding expectations, pushing the probability of a 25-basis-point rate hike in September to 87.3%. The stronger dollar and higher rate expectations jointly pressured oil prices.

Within the Oil and Gas Exploration and Production sector, losses were widespread. Diamondback fell 8.54%, EOG Resources fell 4.90%, ConocoPhillips fell 4.36%, Devon fell 4.22%, and EQT Corp fell 3.34%. SM Energy Co had previously reported strong Q2 results, with adjusted EPS of $2.19 beating estimates by 23.73% and revenue of $2.5 billion also above consensus, but the macro headwinds overrode company-specific fundamentals.

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