In this article, we are going to discuss the energy stocks that are losing this week.

It has been a volatile few days for the global energy industry, driven primarily by an ongoing dispute between the US and EU over Greenland, as well as the continued tensions between Washington and Tehran, which have raised concerns over a potential military action that could disrupt oil flows in the Middle East. As a result, WTI crude oil futures have witnessed a strong rebound since hitting a near 5-year low earlier this month and are currently hovering above $60 per barrel.

The uptick has also been supported by the ongoing outages in Kazakhstan, as oil output at the country’s giant Tengiz has yet to resume following a shutdown caused by a fire last week. JP Morgan expects the oilfield to remain offline for the rest of January, resulting in the country’s crude output to average 1.0-1.1 million bpd during the month, against the usual level of around 1.8 million bpd.

Meanwhile, US crude output is also expected to drop as a historic winter storm sweeps across the country, prompting operators to shut in production in key basins. The stormy conditions are also expected to reach the oil-rich Permian basin and could lead to a total loss of around 300,000 barrels per day, according to Energy Aspects.

The cold snap has also pushed the natural gas prices to a 3-year high. According to BloombergNEF, the freezing weather will lead to a near-record withdrawal of gas from storage for heating purposes.

Our Methodology

To collect data for this article, we used several stock screeners to identify energy stocks that have fallen the most between January 16 and January 23, 2026. The following are the Energy Stocks that Lost the Most This Week. The stocks are ranked according to their share price decline during this period.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).

7. NuScale Power Corporation (NYSE:SMR)

Share Price Decline Between Jan. 16 – Jan. 23: 2.08%

NuScale Power Corporation (NYSE:SMR) provides small modular reactor technology solutions. The company’s groundbreaking NuScale Power Module is a 12-module plant capable of producing up to 924 MWe of carbon-free energy.

On January 20, RBC Capital significantly reduced its price target on NuScale Power Corporation (NYSE:SMR) from $32 to $21, but maintained a ‘Sector Perform’ rating on the shares. The revision, which still indicates an upside of over 6% from current levels, comes as part of the firm’s broader research note previewing Q4 for the American clean energy sector. While expectations of stronger demand and bookings have pushed valuations higher, the analyst remains optimistic given the strong macro backdrop.

Nuclear technology is witnessing a resurgence amid the ongoing AI boom, with multiple hyperscalers signing long-term PPAs to ensure they have sufficient clean energy to power their data centers. However, RBC’s Speculative Risk qualifier reflects the risk associated with NuScale’s small modular reactor (SMR) technology, as it hasn’t yet been commercially deployed at scale.

6. North American Construction Group Ltd. (NYSE:NOA)

Share Price Decline Between Jan. 16 – Jan. 23: 2.95%

North American Construction Group Ltd. (NYSE:NOA) provides mining and heavy civil construction services to customers in the resource development and industrial construction sectors in Australia, Canada, and the United States. The company offers mine management services for a thermal coal mine, and construction and operations support services in the Canadian oil sands region.

North American Construction Group Ltd. (NYSE:NOA) announced a significant leadership change on January 21, with Joe Lambert resigning from his position as President and CEO to ‘pursue other opportunities’. Moreover, the company revealed that its COO, Barry Palmer, has assumed the role of President and CEO effective immediately. Meanwhile, NOA is assessing both internal and external candidates to permanently assume the leadership role.

Martin Ferron, Chairman of the Board of Directors, commented:

“I would like to take this opportunity to thank Mr. Lambert for his dedication and loyalty to the Company. During his tenure, Joe successfully led the Company to new levels of geographic and commodity diversification while also navigating through unprecedented challenges. In no small part due to his leadership, NACG is now very well positioned to be a strong competitor in the civil construction, mining and earthworks markets throughout North America and Australia. I wish Joe all the best in his future endeavors.”

North American Construction Group Ltd. (NYSE:NOA) announced last month that it had signed a C$115 million deal to buy Iron Mine Contracting in Western Australia, strengthening its presence in the country’s thriving mining industry. The company confirmed that, despite the leadership change, the closing activities for the deal remain on schedule, with a targeted closing this quarter.