Lower crude prices pull US energy companies lower

Marathon Oil

15/10/2024 11:19

(Updates)
    ** Shares of U.S. energy companies slide premarket as oil
prices drop over 5%
    ** Oil prices tumbled to a near two-week low due to a weaker
demand outlook and easing fears of a supply disruption amid the
Iran-Israel conflict  O/R 
    ** Exxon Mobil  XOM.N  down 3%, Schlumberger  SLB.N  dips
around 2.9% and Chevron  CVX.N  falls 2.5% 
    ** Biggest falls include producers Devon Energy  DVN.N , APA
Corp  APA.O  and Diamondback Energy  FANG.O  dropping between
2.1% and 3.5%
    ** Refiners PBF Energy  PBF.N , Marathon Oil  MRO.N  and
Phillips 66  PSX.N  fall between 1.8% and 2.4% 
    ** Other oilfield services companies fall between 2.9% and
3.3%
    ** "The anticipated non-disruptive retaliation against
Iranian oil infrastructure is shifting market focus back to
economic slowdown concerns in major economies, including China,
thereby exerting downward pressure on oil prices," said SEB
commodities analyst Ole Hvalbye
    ** Earlier in the day, the International Energy Agency said
the world oil market was heading for a sizeable surplus in the
new year


 (Reporting by Paolo Laudani and Seher Dareen)
 ((Paolo.laudani@thomsonreuters.com))