Oil companies falls after IEA cuts demand forecast

EOG Resources

12/02/2026 18:44

** S&P 500 energy index .SPNY down 2.2%, tracking decline in crude prices O/R

** Brent crude futures LCOc1 down 2.9% at $67.37/barrel, U.S. West Texas Intermediate crude futures CLc1 falls 2.99% to $62.70/barrel

** Oil prices down after investors gave more weight to International Energy Agency lowering its global oil demand forecast for 2026 against receding risk of U.S. attacks on Iran

** "It just ran out of steam," says Phil Flynn, senior analyst with the Price Futures Group

** "The market's doubling down on the lowering demand forecast"

** Top oil and gas firms Exxon XOM.N slips 2.6% and Chevron CVX.N down 1.8%

** Valero Energy Corp VLO.N, Occidental Petroleum OXY.N Diamondback Energy FANG.O and Devon Energy Corp DVN.N down between 6.1% and 3.4%, among top percentage losers on energy index

** Oilfield services company Baker Hughes BKR.O slips marginally and its peer Halliburton HAL.N down 3.5%

** Refiners: Phillips 66 PSX.N down 2.6% and Marathon Petroleum MPC.N falls 4%

 (Reporting by Varun Sahay in Bengaluru)

 ((Varun.sahay@thomsonreuters.com))