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April 21, 2020, 9:44 a.m. EDT

BP, Shell and miners drag FTSE 100 lower as Brent crude falls to 18-year low

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By Steve Goldstein, MarketWatch


FactSet

U.K. stocks were under pressure on Tuesday, as the country’s oil giants reeled from the pressure of Brent /zigman2/quotes/209704782/delayed UK:BRN00 +1.19%  crude oil falling to 18-year lows.

BP /zigman2/quotes/202286639/delayed UK:BP -2.64%  and Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA -1.92%  each skidded 6% as financial markets reacted to the stunning development of the May light sweet crude contract turning negative on Monday. While technical factors relating to retail interest and the lack of storage were behind the subzero prices, the broader issues of deteriorating world demand and a glut of supply are hitting the whole oil complex.

“Today, traders are saying that they are not waiting till the next expiry to make oil prices crumble again. Except for the U.S. putting 75 million barrels of crude into its strategic reserve, there is nothing to make energy traders believe that storage constraints, rising inventories, and demand concerns will be alleviated,” said Edward Moya, senior market analyst at OANDA.

London-listed mining companies also slumped, with Glencore /zigman2/quotes/201400686/delayed UK:GLEN +1.61% and Anglo American /zigman2/quotes/201381512/delayed UK:AAL -0.28%  each dropping about 7%.

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.64%  index fell over 2%, retreating below the 5700 level. The main U.K. index has dropped nearly 25% this year.

BHP Group /zigman2/quotes/203323256/delayed UK:BHP -1.42% dropped 6%. The mining giant said its capital and exploration expenditure will be below its previously planned $8 billion, and the production guidance for its partly-held Antamina copper mine is under review, as is energy coal production guidance.

Hazard detection products maker Halma /zigman2/quotes/204238281/delayed UK:HLMA -1.47%  rose 2% as the company said its adjusted profit before tax for the year ending March 31 will be in a range of £265 million to £270 million, in line with the guidance it gave last month. Halma said results in the current financial year will have a “significant second half weighting even though the timing and profile of recovery remains uncertain at this stage.”

/zigman2/quotes/209704782/delayed
UK : U.K. ICE Futures Europe
$ 48.35
+0.57 +1.19%
Volume: 272,501
Nov. 25, 2020 5:26p
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
267.55 p
-7.25 -2.64%
Volume: 60.91M
Nov. 25, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
5.88%
Market Cap
£55.25 billion
Rev. per Employee
£3.11M
loading...
/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,347.00
-26.40 -1.92%
Volume: 7.12M
Nov. 25, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.04%
Market Cap
£105.15 billion
Rev. per Employee
£3.21M
loading...
/zigman2/quotes/201400686/delayed
UK : U.K.: London
215.00 p
+3.40 +1.61%
Volume: 40.89M
Nov. 25, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£28.19 billion
Rev. per Employee
£1.04M
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,305.00 p
-6.50 -0.28%
Volume: 3.59M
Nov. 25, 2020 4:35p
P/E Ratio
17.25
Dividend Yield
2.44%
Market Cap
£28.53 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,391.09
-41.08 -0.64%
Volume: 1.08M
Nov. 25, 2020 4:59p
loading...
/zigman2/quotes/203323256/delayed
UK : U.K.: London
1,755.60 p
-25.20 -1.42%
Volume: 4.65M
Nov. 25, 2020 4:35p
P/E Ratio
14.08
Dividend Yield
5.23%
Market Cap
£99.63 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204238281/delayed
UK : U.K.: London
2,210.00 p
-33.00 -1.47%
Volume: 1.12M
Nov. 25, 2020 4:35p
P/E Ratio
47.41
Dividend Yield
0.76%
Market Cap
£8.51 billion
Rev. per Employee
£177,178
loading...

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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