Energy stocks tumble as crude prices extend slump amid global trade war

ONEOK (Oklahoma)

30/04/2025 15:14

** S&P 500 energy index .SPNY drops 3% with every component in the red early Weds, following slump in crude prices

** Brent crude futures LCOc1 down 1.6% to $63.24/barrel and U.S. West Texas Intermediate crude CLc1 last off 1.7% to $59.39/barrel by 9:55 am ET

** Oil prices extended declines on the session and set for biggest monthly drop since 2021 as global trade war eroded outlook for demand while concern over mounting supply also weighed O/R

** Oil majors Chevron CVX.N and Exxon Mobil XOM.N down 3% and 2.3%, respectively

** Oilfield services firm Baker Hughes BKR.O down 3.5%, and peer SLB SLB.N off nearly 4%

** Refiners Valero VLO.N and Marathon Petroleum MPC.N down 2.5% and 3.7%, respectively

** Other big losers include: APA Corp APA.O 4%, Oneok OKE.N 7%,  Diamondback Energy FANG.O 3.5%, Occidental Petroleum OXY.N 3%

** With move on Weds, SPNY down 14% in Apr, tracking largest monthly fall since Jun 2022, and down 6% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))