Energy stocks sink as OPEC+ plans to begin phasing out voluntary cuts this year

seekingalpha06-04

Energy lags all S&P stock sectors Monday as crude oil futures tumble to their lowest levels since early February, even as OPEC+ agreed to maintain production at the current reduced level into 2025. ...

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Bear 2X Shares","USOI":"X-Links Crude Oil Shares Covered Call ETN","SLB":"斯伦贝谢","EOG":"依欧格资源","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","VDE":"Vanguard Energy ETF","UCO":"二倍做多彭博原油ETF","SCO":"二倍做空彭博原油指数ETF","OII":"国际海洋工程","DUG":"二倍做空石油与天然气ETF(ProShares)","HAL":"哈里伯顿","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","FTI":"德希尼布FMC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","DDG":"ProShares做空石油与天然气ETF","NOV":"华高","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","NRGU":"MicroSectors U.S. Big Oil Index 3x Leveraged ETN","OIH":"石油服务ETF","LU0122376428.USD":"贝莱德世界能源基金A2","BKR":"贝克休斯","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1878469433.USD":"THREADNEEDLE (LUX) - AMERICAN SMALLER COMPANIES \"A\" (USD) ACC","PUMP":"Propetro Holding Corp.","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","XES":"SPDR S&P Oil & Gas Equipment & Services ETF","USL":"United States 12 Month Oil Fund LP","LU1917777945.USD":"安联专题基金Cl AT Acc","IEZ":"iShares Dow Jones U.S. Oil Equip","BK4585":"ETF&股票定投概念"},"translate_title":"OPEC+计划今年开始逐步取消自愿减产，能源股下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XOP":1,"NOV":1,"NRGU":1,"OIH":1,"OII":1,"PUMP":1,"SCO":1,"LBRT":1,"IEZ":1,"SLB":1,"UCO":1,"HAL":1,"GUSH":1,"QMmain":1,"CLmain":1,"FTI":1,"XES":1,"BKR":1,"BNO":1,"DBO":1,"VDE":1,"DRIP":1,"USOI":1,"DVN":1,"USO":1,"EOG":1,"FANG":1,"USL":1,"DDG":0.6,"DUG":0.6,"DWT":0.6,"BZmain":0.6},"content_text":"Energy lags all S&P stock sectors Monday as crude oil futures tumble to their lowest levels since early February, even as OPEC+ agreed to maintain production at the current reduced level into 2025. The announcement included rolling back some of those supply reductions in October, while most analysts had expected OPEC+ to extend the curbs through to the end of the year. Goldman Sachs analysts see the OPEC+ decision as bearish, as \"the communication of a surprisingly detailed default plan to unwind extra cuts makes it harder to maintain low production if the market turns out softer than bullish OPEC expectations.\" \"There's a lack of clarity and the market is concluding, with the top-up in [United Arab Emirates] production, that there is discord within the group amid a push to produce and export more oil,\" Again Capital's John Kilduff told Reuters. Oil traded with only modest changes earlier in the session before turning sharply lower; Nymex July crude oil (CL1:COM) now -3.3% to $74.46/bbl, and Brent crude (CO1:COM) for August delivery -3.1% at $78.61/bbl. ETFs: (USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (NYSEARCA:XLE), (XOP), (VDE), (OIH), (XES), (IEZ) Among the day's biggest losers on the S&P 500: Diamondback Energy (FANG) -5.2%, Halliburton (HAL) -4.9%, EOG Resources (EOG) -4.4%, Baker Hughes (BKR) -4.1%, SLB (SLB) -4.1%, Devon Energy (DVN) -3.9%. Other oilfield services stocks show big losses, including Oceaneering International (OII) -8.1%, Technip FMC (FTI) -6.8%, NOV (NOV) -6%, Liberty Energy (LBRT) -5.8%, ProPetro (PUMP) -5%. OPEC said eight countries, including Saudi Arabia, would extend a suite of voluntary production cuts totaling around 2.2M bbl/day to October that had been due to expire at the end of June, but will then be slowly reduced each month. \"This decision comes at a time when uncertainty over China's demand outlook has weighed on the global commodity,\" FXTM's Lukman Otunuga told MarketWatch. \"The prospect of OPEC+ phasing out some of the production cuts may cap oil prices down the road if the demand outlook fails to improve.\"","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2440914411"}