Tiger Brokers

BUZZ-US energy companies gain as Middle East conflict sends crude prices sharply higher

Reuters
Mar 06
BUZZ-US energy companies gain as Middle East conflict sends crude prices sharply higher

** Shares of U.S. energy companies gain premarket, tracking higher crude prices as conflict in the Middle East kept shipping and energy exports through the vital Strait of Hormuz halted O/R

** Brent Crude futures LCOc1 up 4.4% at $89.12 per barrel; while U.S. West Texas Intermediate CLc1 gains 6.2% to $86.06/barrel

** "Volatility remains high and physical markets are getting tighter...We'd anticipate prices to continue to rise with no obvious triggers for an easing of the risks to supply on horizon," Panmure Liberum analyst Ashley Kelty said

** Energy majors Exxon Mobil XOM.N gains 1.7% and Chevron CVX.N rises 1.6%

** Oil and gas producers: Diamondback Energy FANG.O, APA Corp APA.O, Occidental Petroleum OXY.N and Devon Energy DVN.N rise between 1.9% and 3.1%

** Oilfield services companies SLB SLB.N and Halliburton HAL.N gain 1.2% each

** Refiners: Marathon Petroleum MPC.N up 1.7%, Valero Energy VLO.N gains 1.4% and Phillips 66 PSX.N rises 1.2%

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10