Australian energy stocks took a hit on Tuesday morning after oil prices dropped markedly overnight, with global benchmark Brent crude closing Monday’s session down more than 1 per cent.
The energy segment of Sydney’s S&P/ASX 200 index was down 1 per cent in morning trading, while the broader benchmark was off just 0.4 per cent.
Caltex Australia was down 1.9 per cent, Origin Energy shed 1 per cent and Woodside Petroleum was down 0.9 per cent as investors digested the continued fall in oil prices from Thursday’s peak.
Worse off still was Beach Energy, which popped more than 21 per cent on Monday following a deal to buy Origin Energy’s conventional oil and gas business for $1.2bn, but was down 4.4 per cent in Tuesday trading.
The drops follow falls in both major crude oil benchmarks overnight. Brent crude, the global benchmark, ended Monday down 1.1 per cent at $56.12 a barrel, off 6.7 per cent from last week’s peak. West Texas Intermediate, the US marker, dropped 2.1 per cent overnight and was 0.1 per cent lower on Tuesday at $50.53, representing s fall of 4.5 per cent from Thursday’s high.
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