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Energy Shares plunged on the Australian Stock Exchange amid extended decline in Crude oil prices.
The benchmark Brent Crude Oil Spot (XBR/USD) fell from the level of US$75.72 (Dayâs high on 25th March 2019) to the level of US$69.30 (Dayâs low on 6th May 2019). The prices recovered from the level of US$69.30 to US$71.73 (Dayâs High on 7th May 2019) and fell again to the present level of US$69.97 (as on 8th May 2019 GMT-4 6:05 AM New York Time).
The factor which exerted pressure on crude oil was the sudden rise in the crude oil inventories of the United States and the recent continuation of the tariff war between two significant global economies.
Individual shares on ASX fell over the drop in crude oil prices during the dayâs session.
Senex Energy Limited (ASX:SXY): The share prices of the company started the dayâs session at A$0.345 and reacted sharply over the fall in crude oil prices. Stock prices fell during the dayâs session to mark a low of A$0.330 with the company ending the dayâs session down by around 4.35% as compared to its previous close.
Horizon Oil Limited (ASX: HZN): The shares of the company started the dayâs session at A$0.120, down by approx. 4% as compared to its previous close and remained flat during the dayâs session and ended the session at its open price.
Origin Energy Limited (ASX: ORG): The shares of the company started the dayâs session at A$7.420; the stock plunged to mark a low of A$7.360 and recovered slightly from its low to end the session at A$7.400, down by around 1.60% as compared to its previous close.
Woodside Petroleum Limited (ASX: WPL): The share prices of the company started the dayâs session significantly down at A$34.710 as compared to its previous close. However, the prices recovered sharply after making a low of A$34.500; marked a high of A$34.928 before ending the dayâs session at A$34.840, down by just 0.17% as compared to its previous close.
Shares like Strike Energy Limited, Carnarvon Petroleum, Sundance Energy Limited, closed on the neutral note during the dayâs session, unchanged as compared to their previous close respectively.
The crude oil market is currently besieged by ample supply from the United States and lesser demand amid global economic slowdown concerns. The OPEC members generally dominate the oil price movement, but the United States is moving in direct competition against the cartel. The president Donal Trump has mentioned time to time about the high crude oil prices impact on the recovering economies and also warned OPEC over the dire effect on failure of curbing crude prices.
The parliament of the United States is also working on a bill, that will place them to proceed legally against the oil cartel.
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