BUZZ-US energy sector falls on 2025 supply surplus forecast

Reuters12-07

** S&P 500 energy index falls 1.6% as oil prices set for a weekly loss

** Brent crude futures down 1.6% at $70.95/barrel; U.S. West Texas Intermediate crude futures down 1.7% at $67.09/barrel

** Oil prices down as analysts continued to forecast a supply surplus in 2025 despite the OPEC+ decision to postpone planned supply increases and extend deep output cuts to the end of 2026

** Top oil and gas cos Exxon Mobil down marginally and Chevron down 2.3%

** Diamondback Energy falls 3%, Halliburton falls 2.8%, APA Corp down 2.5%; among top pct. losers on the energy index

** Oilfield services $(OFS)$ firms Baker Hughes and SLB falls 1.6% and 1.9%, respectively

** Midstream companies Kinder Morgan and ONEOK

down 1% and 1.3%, respectively

(Reporting by Pooja Menon in Bengaluru)

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

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