Energy sector falls as Democratic sweep dents Iran war risk premium

Texas Pacific Land

Yesterday 15:36

Updates
** S&P 500 Energy Sector .SPNY declines 3%, with oil prices falling 2.5%
** Democrats capture control of the US Congress from President Donald Trump's Republicans in the midterm elections, denting the risk premium for a further escalation of the ongoing war with Iran
** Brent futures LCOc1 down 2.54% at $100.97/bbl, while US West Texas Intermediate crude futures CLc1 decline 2.57% to $93.62/bbl O/R
** "What is clear is that a large risk premium for the moment has left oil prices as Trump stood down from his threats of immediate strikes on Iran post the US midterm elections" — Bjarne Schieldrop, chief analyst commodities with SEB Research
** Oil major ExxonMobil XOM.N down 2.9%, while Chevron CVX.N slips about 2.6%
** Williams Companies WMB.N, Marathon Petroleum MPC.N and Texas Pacific Land TPL.N among top pct decliners on energy index
** Oil and gas producers Diamondback Energy FANG.O, ConocoPhillips COP.N Occidental Petroleum OXY.N, EOG Resources EOG.N and Devon Energy DVN.N fall between 1.2% and 3.3%
** Oilfield energy services companies Baker Hughes BKR.O, SLB SLB.N and Halliburton HAL.N down between 3% and 4%

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com;))