US energy stocks slide as crude prices tumble
BUZZ-US energy stocks slide as crude prices tumble ** Shares of U.S. energy companies fall premarket, tracking a decline in crude prices O/R
** Brent crude futures LCOc1 falls 6.9% to $90.13/barrel; U.S. West Texas Intermediate CLc1 down 6.2% at $83.75/barrel
** Prices tumble after the U.S. and Iran pause 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
** Energy majors Exxon Mobil XOM.N and Chevron CVX.N down 2.8% and 2.7%, respectively
** Oil producers Occidental Petroleum OXY.N, Devon Energy DVN.N, APA Corp APA.O, Diamondback Energy FANG.O decline between 2.8% and 3.7%
** Refiners Marathon Petroleum MPC.N down 2.4% and Valero Energy VLO.N falls 3.1%
(Reporting by Sumit Saha in Bengaluru)