BUZZ-Energy companies fall as crude prices decline

Reuters03-11
BUZZ-Energy companies fall as crude prices decline

** S&P 500 energy index .SPNY falls 1.2% as oil prices tumble, after soaring to their highest levels since 2022 in the previous session, as U.S. President Donald Trump predicted the war with Iran could end soon, lowering expectations of prolonged oil supply disruptions

** Benchmark Brent crude LCOc1 down 13.1% at $85.97 per barrel; U.S. West Texas Intermediate $(WTI)$ crude futures CLc1 down 14.1% at $81.32 a barrel

** U.S. Secretary of Energy Chris Wright deleted a post on X in which he had said the U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz "to ensure oil remains flowing to global markets"

** Texas Pacific Land TPL.N, Occidental Petroleum OXY.N, Diamondback Energy FANG.O, and EOG Resources EOG.N fell between 4.7% and 2.5% — the top losers on the energy index

** Energy majors Exxon Mobil XOM.N and Chevron CVX.N were down 1.5% and 1.7% respectively

** ConocoPhillips COP.N and APA Corp APA.O each down 2.7%, Coterra Energy CTRA.N falls 2.2%

(Reporting by Pranav Mathur in Bengaluru)

((Pranav.Mathur@thomsonreuters.com))

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