US energy stocks slide as crude prices near one-week low
BUZZ-US energy stocks slide as crude prices near one-week low Updates
** S&P 500 energy index .SPNY falls 1.5% as oil prices tumble O/R
** Brent crude futures LCOc1 falls 6.9% to $90.03/barrel; U.S. West Texas Intermediate CLc1 down 6.4% at $83.51/barrel
** Prices hovered around a one-week low after the U.S. and Iran paused strikes over the weekend, raising hopes of a diplomatic solution that could de-escalate the conflict and allow shipping to resume through the Strait of Hormuz
** "There has been no increase in shipping traffic through the Strait of Hormuz, and as such we see this showing the selloff in crude remains overdone as a return to 'normalisation' continues to look remote in near term," Panmure Liberum analyst Ashley Kelty says
** ONEOK OKE.N, Kinder Morgan KMI.N, Williams Companies WMB.N and Targa Resources TRGP.N fall between 2.4% and 2.9%, among the top percentage losers on the energy index
** Energy majors Exxon Mobil XOM.N and Chevron CVX.N down 1.4% and 1.7%, respectively
** Oil producers Occidental Petroleum OXY.N, Devon Energy DVN.N, APA Corp APA.O and Diamondback Energy FANG.O decline between 1.9% and 2.4%
** Refiners Marathon Petroleum MPC.N and Valero Energy VLO.N each down marginally
(Reporting by Sumit Saha and Pranav Mathur in Bengaluru)