US energy firms fall as markets weigh economic concerns, supply and demand expectations

Texas Pacific Land (Dover)

13/03/2025 15:58

** S&P 500 energy index .SPNY falls 0.2% as oil prices dip O/R

** Brent crude futures LCOc1 down 0.6% at $70.45/barrel; U.S. West Texas Intermediate crude futures CLc1 down 0.8% at $67.10/barrel

** Oil slipped on larger-than-expected draw in U.S. gasoline stocks, as markets weighed macroeconomic concerns and demand versus supply expectations

** U.S. gasoline inventories fell 5.7 million barrels, more than 1.9 million-barrel draw expected by analysts

** Trump's focus on tariffs has rattled investors, consumers and business confidence and, along with sharp government spending cuts, threatened labour market stability and raised U.S. recession fears

** Global oil supply could exceed demand by around 600,000 barrels per day this year, International Energy Agency says, revising down its 2025 demand growth forecast

** Top oil major Exxon Mobil XOM.N down marginally

** EOG Resources EOG.N, APA Corp APA.O, Devon Energy DVN.N and Texas Pacific Land TPL.N down between 1.2% and 2.3%; among top percentage losers on energy index

** Oilfield services companies Patterson-UTI Energy PTEN.O down 1.9% and Liberty Energy LBRT.N down 2.2%

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))