Several major oil and gas companies are on the verge of sending bearish signals to investors in the form of the dreaded “death cross” trading pattern. A stock's death cross occurs when its 50-day moving average falls below its 200-day moving average. At the very least, this means the stock is losing momentum, and at worst, it could mean further losses are in store. With so many upstream (exploration and production) and downstream (refining and distribution) energy stocks tied to commodity prices, benchmark Texas crude oil fell below $70 per barrel, a six-month low. The group has been in trouble recently. Oil prices fell on weak demand from China, record U.S. production and skepticism about OPEC+'s promise to cut production. Exxon and Chevron, the two largest U.S. oil producers, had already formed a death cross in November, just weeks after signing deals to buy Pioneer Natural Resources and Hess, respectively. As of Thursday's close, Exxon is down about 11% since the beginning of the year, while Chevron is down 21%. Oilfield service provider Schlumberger appears to be headed toward death. Still, nearly all analysts covering SLB give it a buy rating, according to FactSet. Occidental Petroleum is nearing death. The company has a market capitalization of $49.7 billion, with Warren Buffett's Berkshire Hathaway holding a 26% stake. The Wall Street Journal reported last week that Occidental was in talks to buy privately held producer CrownRock for more than $10 billion. Occidental's last major acquisition, when it bought Anadarko Petroleum for $55 billion in 2019, left the company in debt and in a bitter board battle with activist investor Carl Icahn, who ended up sold its shares. APA Corporation is also approaching the formation of a death cross, albeit in a dangerous situation. The mid-sized energy company, formerly known as Apache, has a market capitalization of $10.4 billion and has oil and natural gas operations in the United States, Egypt and the United Kingdom's Permian Basin. Analysts are divided on APA stock, with 50% favoring it and rating it a buy or equal, 40% rating it a hold, and 10% rating it a sell or underweight. Talos Energy is on a razor's edge and could fall into a death cross at any time, but analysts remain optimistic about the stock. Approximately 78% of analysts covering the stock recommend it as a buy, while 22% recommend it as a hold. Vital Energy has already formed a death cross. Most analysts are also positive on Vital at the moment, with 64% rating the Vital stock a buy or overweight, 21% rating it a hold, and 14% rating it a sell.