In this article, we are going to discuss the energy stocks that are losing this week.
While the S&P energy index outperformed the overall S&P 500 last week, the booming LNG sector is experiencing downward pressure due to declining margins. Costs have increased with natural gas prices in the United States hovering just below the three-year high of almost $5.3/MMBtu reached last week, primarily due to rising demand from LNG plants and heating.
At the same time, LNG prices have also been pushed lower in big demand centers in Asia and Europe as the market prepares for a supply glut, especially from the United States. The bulk of this impact is felt in Europe, the major destination for American LNG, with benchmark European TTF gas prices currently hovering below 27 EUR/MWh, their lowest since April 2024.
Hence, the spread between Henry Hub and TTF prices has shrunk to around $4.7 per mmBtu, down from about $12 per mmBtu at the beginning of 2025 and at its lowest since April 2021, eroding profits for LNG exporters. With demand for natural gas expected to continue growing and more LNG export facilities coming online in the US in the coming months, these margins are at risk of declining further.
That said, American LNG exports continued to explode, hitting an all-time monthly high in November for the second straight month.
Our Methodology
To collect data for this article, we used several stock screeners to identify energy stocks that have fallen the most between December 3 and December 10, 2025. The following are the Energy Stocks that Lost the Most This Week. The stocks are ranked in descending order based on their share price decline during this period.
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10. Noble Corporation plc (NYSE:NE)
Share Price Decline Between Dec. 3 – Dec. 10: 6.16%
Noble Corporation plc (NYSE:NE) operates as an offshore drilling contractor in the oil and gas industry worldwide.
Noble Corporation plc (NYSE:NE) received a blow on December 10 when JPMorgan downgraded the stock from ‘Overweight’ to ‘Neutral’. However, the analyst raised NE’s price target from $31 to $33. The downgrade follows the firm’s adjustment of ratings in the oilfield services and equipment sector as part of its 2026 outlook. JPMorgan remains cautious about the sector due to reduced upstream spending amid the current low-price environment. The analyst expects companies with the most resilient earnings and growth prospects to be best positioned, whereas Noble has fallen below earnings estimates in each of its last five quarters.
In other news, Noble Corporation plc (NYSE:NE) announced on December 8 that it has signed deals to sell five jackup rigs to Borr Drilling and one jackup to Ocean Oilfield Drilling, for a combined value of $424 million. The divestment is part of a strategic move by the company as it turns into a ‘pureplay deepwater and ultra-harsh environment jackup operator’.
9. Range Resources Corporation (NYSE:RRC)
Share Price Decline Between Dec. 3 – Dec. 10: 6.52%
Range Resources Corporation (NYSE:RRC) is a pioneer in the Marcellus Shale and one of the most active natural gas drillers in Pennsylvania.
On December 8, JPMorgan downgraded Range Resources Corporation (NYSE:RRC) from ‘Neutral’ to ‘Underweight’, while also trimming its price target from $44 to $39. The downgrade followed the firm’s update to its exploration and production ratings as part of its 2026 outlook.
The bank maintained a cautious stance regarding natural gas liquids fundamentals and sees supply side risks for oil and liquids, but noted that the ‘long-awaited demand inflection for natural gas has finally arrived’. While crude oil prices remain under pressure due to a supply glut and a potential end to the Russia-Ukraine conflict next year, natural gas prices are hovering just below their 3-year high.
Given its positioning at Markus Hook, JPMorgan analyst Arun Jayaram believes that Range Resources Corporation (NYSE:RRC) has lost its competitive edge after it expects Belvieu pricing to decrease next year due to the expanding dock capacity on the Gulf Coast. The analyst expects RRC’s 2026-27 free cash flow yield to be below its peers in the broader E&P and gas sectors.
8. Nordic American Tankers Limited (NYSE:NAT)
Share Price Decline Between Dec. 3 – Dec. 10: 6.95%
Nordic American Tankers Limited (NYSE:NAT) is a Bermuda-based international tanker company that specializes in operating Suezmax crude oil tankers.
Nordic American Tankers Limited (NYSE:NAT) announced its Q3 results on November 28, with the company reporting a net loss of $2.8 million, down from a loss of $0.85 million in the second quarter, as margins remained under pressure. The total earnings for the first nine months of FY 2025 were $0.61 million, compared with $45.35 million last year. Net voyage revenue also decreased by 12% YoY to $45.7 million.
That said, Nordic American Tankers Limited (NYSE:NAT) reported an adjusted EBITDA of $21.4 million for the third quarter, up by over 35% sequentially. Moreover, the company remains focused on fleet expansion and signed a preliminary agreement with a South Korean shipyard to construct two new Suezmax tankers to be delivered in the second half of 2028.
Nordic American Tankers Limited (NYSE:NAT) also announced a quarterly dividend of $0.13 per share, up by almost 86% from its previous payout of $0.07, and marking the 113th consecutive quarterly dividend from the company.
Despite the recent downturn, the share price of Nordic American Tankers Limited (NYSE:NAT) has surged by over 36% since the beginning of 2025.
7. Cheniere Energy, Inc. (NYSE:LNG)
Share Price Decline Between Dec. 3 – Dec. 10: 7.46%
Cheniere Energy, Inc. (NYSE:LNG) is the largest producer of liquefied natural gas in the United States and the second-largest LNG operator in the world.
Cheniere Energy, Inc. (NYSE:LNG) is among the LNG stocks that have come under pressure due to eroding margins on the back of soaring natural gas prices. US Henry Hub prices are currently hovering just below a three-year high of almost $5.3/MMBtu, driven by rising demand from LNG plants and heating, given the cold weather.
On the other hand, LNG prices have also been pushed lower in big demand centers in Asia and Europe as the market braces for a supply glut next year, especially from the United States. The most significant price impact was observed in Europe, with benchmark European TTF gas prices currently hovering below 27 EUR/MWh, the lowest since April 2024.
As a result, the spread between Henry Hub and TTF prices has shrunk to its lowest since April 2021, squeezing profit margins for LNG exporters like Cheniere Energy, Inc. (NYSE:LNG). With natural gas prices forecast to continue their upward trajectory and more LNG facilities coming online in the US, these margins are at risk of being squeezed further in the coming years.
6. Ultrapar Participações S.A. (NYSE:UGP)
Share Price Decline Between Dec. 3 – Dec. 10: 8.04%
Ultrapar Participações S.A. (NYSE: UGP), through its subsidiaries, operates in the energy, mobility, and infrastructure sectors in Brazil.
Ultrapar Participações S.A. (NYSE:UGP) was among the Brazilian stocks that fell on December 5 after it was reported that former President Jair Bolsonaro intends to back his son, Senator Flavio Bolsonaro, in the presidential elections next October. The report was confirmed by the senator himself in a social media post, and also by the head of Bolsonaro’s right-wing Liberal Party. The news caused a slump in the Brazilian market, with the country’s benchmark stock index, Bovespa, falling by over 4.3%, as investors had hoped that Bolsonaro would nominate a more market-friendly candidate with executive experience, such as São Paulo Governor Tarcisio de Freitas.
In other news, according to the latest figures from the statistics agency IBGE earlier this month, Brazil’s economy experienced slower-than-expected growth in the third quarter as high interest rates weighed on services and consumer spending, setting the stage for an easing early next year.
5. Sabine Royalty Trust (NYSE:SBR)
Share Price Decline Between Dec. 3 – Dec. 10: 9.17%
Next on our list of Energy Stocks that Fell This Week is Sabine Royalty Trust (NYSE:SBR). The company holds royalty and mineral interests in various oil and gas properties in the United States.
Sabine Royalty Trust (NYSE:SBR) declined on December 5 after the company announced a monthly dividend of $0.19667 per share, down almost 45% from the $0.3567 distribution it declared last month. This is primarily due to a decrease in production, with SBR reporting preliminary production volumes of approximately 28,904 barrels of oil in September, down significantly from the prior month’s 65,727 barrels. Moreover, natural gas production also came in at 796,698 Mcf, against 1,135,345 Mcf previously. However, the declines were partially offset by higher oil and natural gas prices and by a decrease in Ad Valorem taxes.
It is worth noting that this is the fourth consecutive cut in monthly distributions by the company and its lowest dividend since 2021.
Despite the recent slump, Sabine Royalty Trust (NYSE:SBR) has gained more than 10% so far this year.
4. Cosan S.A. (NYSE:CSAN)
Share Price Decline Between Dec. 3 – Dec. 10: 10.45%
Cosan S.A. (NYSE:CSAN) is a Brazilian conglomerate engaged in fuel distribution. It operates through Raízen, Compass, Moove, Rumo, and Radar segments.
Cosan S.A. (NYSE: CSAN) was among the Brazilian stocks that slumped on December 5 following reports that former Brazilian President Jair Bolsonaro had endorsed his son, Senator Flavio Bolsonaro, as the far-right candidate for the presidential election next October. The report was also confirmed by a social media post by the senator, who stated on X:
“It is with great responsibility that I confirm the decision of Brazil’s greatest political and moral leader, Jair Messias Bolsonaro, to entrust me with the mission of continuing our national project.”
This news sent Brazilian stocks falling, with the country’s benchmark stock index Bovespa down by over 4.3% and the Brazilian Real slipping as much as 3% against the US dollar, as investors were hopeful that the former president would nominate São Paulo Gov. Tarcísio de Freitas, who is viewed as a more market-friendly name with executive experience. Moreover, Bolsonaro’s decision has created a political risk environment in the country, as it could adversely affect the ties between the right-wing movement he forged and more centrist political parties.
3. GeoPark Limited (NYSE:GPRK)
Share Price Decline Between Dec. 3 – Dec. 10: 11.7%
GeoPark Limited (NYSE:GPRK) operates as an oil and natural gas exploration and production company in Chile, Colombia, Brazil, Argentina, Ecuador, and other Latin American countries.
GeoPark Limited (NYSE:GPRK) suffered a setback on December 9 when it was reported that Parex Resources is walking away from discussions over a potential acquisition of the company, effectively ending more than a month of negotiations between the two parties.
Despite GeoPark Limited (NYSE:GPRK)’s efforts, Parex refused to increase the $9-per-share cash offer it submitted in September, which the company believes undervalues its assets. Geopark released the following statement regarding the development:
“GeoPark’s Board and management team have always been open to entering into transactions that maximize value for our shareholders. As such, we entered into discussions with Parex in good faith, aiming to negotiate a mutually agreeable transaction. From the outset of negotiations, we have communicated our belief that Parex’s September 4, 2025, offer of $9.00 per share undervalues GeoPark.
Over six weeks of extensive Special Committee and Board sessions and numerous meetings between our respective senior management teams, we provided Parex and its advisors access to substantial and comprehensive, non-public technical and financial information relevant to our ongoing operations and future upside potential – all of which is clearly incremental to the facts upon which Parex’s original offer was founded. Importantly, Parex’s $9.00 per share offer ascribed no value to GeoPark’s transformative Vaca Muerta acquisition which was announced on September 25, 2025. The Board has communicated that any credible or constructive engagement going forward would require a revised proposal beginning in the double-digits.”
In other news, GeoPark Limited (NYSE:GPRK) announced its 2026 Work Program and medium-term guidelines on December 1, with the company aiming to triple CapEx, double adjusted EBITDA, and grow production by over 60% through 2028.
2. Venture Global, Inc. (NYSE:VG)
Share Price Decline Between Dec. 3 – Dec. 10: 11.9%
Venture Global, Inc. (NYSE:VG) develops and constructs LNG export projects to provide clean, affordable energy to the world. The company is currently the second-largest LNG exporter in the United States.
Venture Global, Inc. (NYSE:VG) came under pressure on November 27 when JPMorgan trimmed its price target on the stock from $16 to $10, while maintaining an ‘Overweight’ rating on its shares. Earlier on November 24, Citi analyst Spiro Dounis also reduced the firm’s price target on VG from $16 to $9, while maintaining its ‘Neutral’ rating.
Moreover, negative investor sentiment stems from the company’s legal uncertainties, as Shell is set to challenge Venture Global, Inc. (NYSE:VG) over a prior arbitration win around LNG deliveries, raising the prospect of billions in potential damages.
It is also worth noting that the overall American LNG sector is now facing headwinds due to rising domestic natural gas prices and declining LNG prices in major demand centers in Asia and Europe. With Henry Hub natural gas prices hovering near their highest in three years and European TTF gas prices at their lowest since April 2024, the spread between the two has narrowed to its lowest in four years, squeezing margins for LNG exporters such as Venture Global, Inc. (NYSE:VG).
1. Comstock Resources, Inc. (NYSE:CRK)
Share Price Decline Between Dec. 3 – Dec. 10: 13.67%
Topping our list of Energy Stocks that Lost This Week is Comstock Resources, Inc. (NYSE:CRK), a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas.
Comstock Resources, Inc. (NYSE:CRK) was among the natural gas stocks that tumbled over the last week due to a slump in natural gas prices. US natural gas futures fell to around $4.6/MMBtu this week, down over 13% from the three-year high of almost $5.3 MMBtu they hit last week, primarily due to milder weather forecasts through December 23rd, as well as near-record production and ample storage.
It is worth noting that, despite the recent pullback, natural gas prices have risen by over 25% since the beginning of 2025. At the same time, the share price of Comstock Resources, Inc. (NYSE:CRK) has also gained by over 23% since the beginning of the year, as of the writing of this piece.
In other news, a Bloomberg report on December 4 revealed that Comstock Resources, Inc. (NYSE:CRK) has agreed to sell its natural gas assets in Texas to Apex Natural Gas for around $430 million, with the deal set to close later this month. The company stated in its Q3 earnings call in November that it would divest its Shelby Trough assets, including interests in more than 70 producing wells and about 36,000 net acres that are primarily undeveloped.
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