2013.06.1501:04:52UTC+00Energy stocks gave up almost 2% on week

Energy stocks lose its power in the market last Friday, looking to end the week with a loss of 1.7%.

Top backsliders on Friday included coal miner Peabody Energy Corp., with shares down 3.4%, and refiner Tesoro Corp., diminished 2%.

Williams Cos. Inc. shares gave up 1.2%. Analysts on Friday stated the impact of Thursday’s explosion at a Williams chemical plant in Louisiana, albeit tragic, is not likely to impact the company in the long run.

An explosion Thursday at an olefins plant in Geismar killed at least one person and injured more than 70.

The cause of the accident is under investigation and production at the plant has stopped. The length of the downtime will be key in determining financial impact, analysts at Tudor Pickering Holt said.

Williams had acquired an interest in the facility in November, and it expected to expand it, analysts at Simmons & Co. said. The incident is likely to spurred property and business interruption insurance recovery, they added.

Major oil and gas companies also saw red on Friday. Exxon Mobil Corp. shares pulled 0.8% back, while Chevron Corp. shares were off 1.1%. Shares of ConocoPhillips traded 1% lower.

Only a handful of companies traded higher on Friday, including Kinder Morgan Inc., up 1.2%, and Spectra Energy Corp., with shares up 0.8%.

Spectra Energy stock bolster the most this week among energy stocks on the S&P 500 Index, skyrocketed 19%.

The shares have rallied this week on news the company plans to drop down all of its remaining transmission and storage assets to the master limited partnership it controls by the end of the year.

The SPDR Energy Select Sector, an exchange-traded fund focused on energy names, relinquished 1%.