US energy sector falls as recession fears spark selloff

Permian Resources

05/08/2024 15:44

(Updates)
    ** S&P 500 Energy Sector  .SPNY  falls 2.9%, tracking a
decline in crude prices  O/R 
    ** Brent crude futures  LCOc1  falls 0.7% to $76.26 a barrel
and U.S. West Texas Intermediate crude futures  CLc1  down 0.9%
at $72.84 a barrel, as fears of a U.S. recession sparked a stock
market selloff, though declines were limited by Libyan supply
losses and Middle East concerns
    ** "Although geopolitical tensions in the Middle East
initially raised concerns about potential disruptions in oil
supplies, these fears have diminished compared to the concerns
on the economy, leading to prices settling at multi-week lows,"
- Joseph Dahrieh, managing principal at Tickmill
    ** Energy majors Exxon Mobil  XOM.N  and Chevron  CVX.N 
slip 1.7% and 2.3%, respectively
    ** Shares of Coterra Energy  CTRA.N , Kinder Morgan  KMI.N ,
EQT Corp  EQT.N  and Halliburton  HAL.N  drop between 3.3% and
3.8%
        ** Targa Resources  TRGP.N  drops 4.4% and APA Corp
 APA.O  falls 5.3%, both among the top pct. losers on the energy
index

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