Energy stocks hit new lows as Brent crude trades below $70 a barrel

Ovintiv

10/09/2024 19:03

(Updates)
    ** Shares of oil and gas companies fall in afternoon
trading, with several of them hitting their lowest in more than
a year, tracking declines in crude prices  O/R 
    ** Brent crude  LCOc1  down 3.6% at $69.24/bbl, trading
below $70 a barrel for the first time since Dec. 2021, after
OPEC+ revised down its demand forecast for this year and 2025
    ** U.S. West Texas Intermediate crude  CLc1  down 4.2% at
$65.83/bbl
    ** "Risk assets and oil in particular have fallen out of
favor of investors. What has been on display since mid-April is
a continuous downtrend, which ... is defined as consecutive
lower highs and lower lows" - Tamas Varga of PVM Energy
    ** Energy major Exxon Mobil  XOM.N  down 3.5%; Chevron
 CVX.N  slips 2.1% to more than a two-year low of $137.15
        ** Occidental Petroleum  OXY.N  down 1.7% at $51.08,
lowest since April 2022; SLB  SLB.N  down 3.3% at a near-two
year low
        ** Halliburton  HAL.N  loses 2.1%, hitting its lowest
since May 2023; Ovintiv  OVV.N  4.6% at $38.46, lowest since
July 2023
        ** Devon Energy  DVN.N  drops 2.8% at $40.20, its lowest
since Dec. 2021
    ** S&P 500 energy sector  .SPNY  drops 2.1%; YTD, it has
gained about 1% vs a 14.8% increase in the S&P 500 index  .SPX 

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com))