U.S. energy shares fall as fears of weak demand hit crude oil prices

Big Sky Industrial

12/07/2021 13:44

** U.S.-listed energy shares fall, tracking weakness in oil
prices on concerns of slowing global economic growth 
    ** West Texas Intermediate  CLc1  futures slip 1.3% to
$73.57, hurt by fears of COVID-19 infections denting oil demand,
despite uncertainty around OPEC+'s future output plans  O/R  
    ** "A breakup of the alliance could see output surge,"
Daniel Hynes, senior commodity strategist at ANZ, writes in an
overnight note
    ** "The market is also keeping an eye on the impact of
rising coronavirus infections in key markets across Asia. New
mobility restrictions could threaten a further recovery in oil
demand" - Hynes   
    ** Oil major ExxonMobil Corp  XOM.N  slips 0.6%, while rival
Chevron Corp  CVX.N  weakens 0.5%
    ** Oilfield service provider TechnipFMC Plc  FTI.N  drops
2.4%, while Halliburton Co  HAL.N  slips 1.4%  
    ** Refiner Marathon Petroleum Corp  MPC.N  declines 1.6% and
Phillips 66  PSX.N  dips 1.2%
    ** Diamondback Energy Inc  FANG.O  and Conocophillips
 COP.N  weaken 1% each, while Marathon Oil Corp  MRO.N  and
Apache Corp  APA.O  slip 1.4% and 1.6%, respectively     
    ** Oil producers Callon Petroleum Co  CPE.N , Devon Energy
Corp  DVN.N  and shale-focused player Occidental Petroleum Corp
 OXY.N  drop in a 1.5% to 1.9% range
    ** Oil stocks have broadly benefited from a more than 43%
rise in crude oil  Lcoc1  prices this year

 (Reporting by Aaron Saldanha in Bengaluru)
 ((Aaron.Saldanha@thomsonreuters.com; +91 80 6182 2844; Reuters
Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))