Worries over global oil pricing and pipeline constraints are hanging over the energy sector as U.S. companies begin to report quarterly results, with many producers' shares trading lower on the year. Third-quarter profits for oil producers generally should be higher than a year ago, because the average price per barrel was up about 44 percent over the same period last year.
But oil prices on Friday registered their third straight weekly decline, extending a slide on concerns that slower global economic growth and the U.S.-China trade war could dent demand.
U.S. crude is on track for a decline of roughly 8 percent for the month, while the S&P 500 energy index is down 12.2 percent so far in October compared with the benchmark S&P 500's 8.8 percent decline.
U.S. crude prices averaged $69.43 a barrel in the third quarter, up sharply from $48.20 a year earlier. Analysts expect this helped boost S&P 500 energy companies' quarterly earnings 102.9 percent, the biggest expected year-over-year growth among sectors, according to I/B/E/S data from Refinitiv.
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