Front-month West Texas Intermediate crude oil settled $1.42 lower at $70.94 per barrel while the global benchmark Brent crude contract also was declining $1.81 to $74.01 per barrel. Henry Hub natural gas futures were little changed at $3.81 per 1 million BTU.
In company news, Chevron (CVX) was fractionally lower, paring most of a nearly 1% decline, following reports the company has struck a production-sharing deal with the government of Equatorial Guinea for an offshore oil block in the Douala Basin. The energy major is expected to own 80% of block EG-09 near the country's northern border with Cameroon.
TotalEnergies SE (TTE) fell 1% after the French energy major Thursday said it has closed on the $350 million sale of its stake in seven offshore fields, along with the Cap Lopez oil terminal in Gabon, to Perenco Oil & Gas.
PNM Resources (PNM) shares declined 1.5% after state regulators in New Mexico rejected the electric utility's proposed merger with Avangrid (AGR). Five federal agencies and state regulators in Texas previously had signed off on the deal, leaving the New Mexico Public Regulation Commission as the only remaining approval needed to complete the transaction. Avangrid shares were 2.7% lower this afternoon.
Pembina Pipeline (PBA) slid 1.7% after the Canadian pipeline company began a $1 billion private placement of senior unsecured medium-term notes, consisting of a $500 million tranch of 3.53% notes maturing in December 2031 and a $500 million offering of 4.49% notes coming due in December 2051.
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