Energy companies down as demand fears overshadow US Fed rate cut

Targa Resources

19/09/2025 15:32

** S&P 500 energy index .SPNY down 0.8% as oil prices edge lower O/R

** Brent crude LCOc1 down ~0.5% at $67.13/barrel and U.S. West Texas Intermediate (WTI) crude futures CLc1 down 0.6% at $63.16/barrel

** Oil prices drop as worries over fuel demand outweighed expectations that the year's first interest rate cut by the U.S. Federal Reserve would trigger more consumption

** The Fed cut its policy rate by a quarter of a percentage point on Wednesday and indicated that more cuts would follow as it responded to signs of weakness in the jobs market

** Top oil and gas companies Exxon Mobil XOM.N down marginally and Chevron CVX.N down 1.1%

** Targa Resources TRGP.N, Baker Hughes BKR.O, Devon Energy DVN.N and ONEOK OKE.N fall between 1.6% and 2%; among biggest pct losers on the energy index

** Refiners Phillips 66 PSX.N down 1% and Marathon Petroleum MPC.N down marginally

** Oilfield services companies SLB SLB.N down 1.4% and Liberty Energy LBRT.N down ~2%

 (Reporting by Dharna Bafna in Bengaluru)

 ((Dharna.bafna@thomsonreuters.com))