Energy Stocks Lose Some Ground as Oil Prices Sink -- Market Talk

Dow Jones10-28 23:09

1109 ET - Shares in major energy companies are moderately lower as oil prices sink with markets taking out risk premium after Israel's retaliatory attack on Iran avoids oil facilities. "There's is going to be some correlation to the commodity, but it doesn't seem we're tracking one-for-one," says Rebecca Babin, senior energy trader at CIBC Private Wealth US. With the drop in oil prices, potential setback restrictions on drilling in New Mexico that could affect some companies, and a lack of earnings-related catalysts to drive prices higher, "I'm not super surprised that energy equities are weaker," Babin adds. Exxon Mobil shares are off 0.7%, Chevron slips 0.4%, Marathon and ConocoPhillips are both down 1.3% and Occidental Petroleum falls 1.4%. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

October 28, 2024 11:09 ET (15:09 GMT)

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With the drop in oil prices, potential setback restrictions on drilling in New Mexico that could affect some companies, and a lack of earnings-related catalysts to drive prices higher, \"I'm not super surprised that energy equities are weaker,\" Babin adds. Exxon Mobil shares are off 0.7%, Chevron slips 0.4%, Marathon and ConocoPhillips are both down 1.3% and Occidental Petroleum falls 1.4%. 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With the drop in oil prices, potential setback restrictions on drilling in New Mexico that could affect some companies, and a lack of earnings-related catalysts to drive prices higher, \"I'm not super surprised that energy equities are weaker,\" Babin adds. Exxon Mobil shares are off 0.7%, Chevron slips 0.4%, Marathon and ConocoPhillips are both down 1.3% and Occidental Petroleum falls 1.4%. 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