Energy firms fall on weak Chinese economic data, DeepSeek's pressure on markets

Permian Resources

27/01/2025 18:08

(Updates)
    ** S&P 500 energy index  .SPNY  falls 1.2% as oil prices
edge lower
    ** Brent crude futures  LCOc1  down 2.5% at $76.53 a barrel;
U.S. West Texas Intermediate (WTI) crude  CLc1  falls 2.8% to
$72.60 a barrel
    ** Oil prices fell to a two-week low, pressured by losses in
Wall Street technology and energy stocks, as investors took
cover after news of surging interest in Chinese startup
DeepSeek's low-cost artificial intelligence model
    ** Prices were already down early on weak economic data from
China and worries that U.S. President Donald Trump's proposed
tariffs would further pressure economic growth and energy demand
    ** Producers like Devon Energy  DVN.N , Diamondback Energy
 FANG.O , Permian Resources  PR.N , Strathcona Resources
 SCR.TO , Canadian Natural Resources  CNQ.TO  all fall between
1% and 2%
    ** Oilfield service companies like Liberty Energy  LBRT.N 
drops 9.8%, Baker Hughes  BKR.O  falls 3.7%, Halliburton  HAL.N 
loses 1.7%
    ** Midstream companies like Kinder Morgan  KMI.N  falls
9.1%, Energy Transfer  ET.N  down 5.8%, OneOK  OKE.N  slips
4.3%, and Plains All Americans Pipelines  PAA.O  down 1.8%

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))