Energy stocks dip as crude heads for weekly loss on supply concerns

Texas Pacific Land (Dover)

05/09/2025 17:30

Updates

** S&P 500 Energy index .SPNY down 1.85%, tracking a dip in crude prices O/R

** Brent crude futures LCOc1 down 2.75%, at $65.15/barrel, while West Texas Intermediate (WTI) crude futures CLc1 down 3.2% at $61.48/barrel

** Crude prices decline, heading for a weekly loss for the first time in three weeks as expectations grow for higher supply and a surprise increase in U.S. crude inventories adds to demand concerns

** Energy majors: Exxon Mobil XOM.N fall ~2% and Chevron CVX.N down 1.8%

** ONEOK OKE.N, Targa Resources TRGP.N, EOG Resources EOG.N and ConocoPhillips COP.N decline between 2.6% and 3.3%; among the top percentage losers on the energy index

** Oilfield services companies: Halliburton HAL.N down 0.8% and Baker Hughes BKR.O down 2.2%

** Separately, Reuters reported Halliburton has been cutting staff in recent weeks, as it faces rising costs and a period of lower prices and volatility

 (Reporting by Sumit Saha and Pranav Mathur in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))