U.S. energy stocks drop as OPEC+ deal dents oil prices

Big Sky Industrial

19/07/2021 11:04

** U.S.-listed energy shares fall, mirroring weakness in oil
prices as producer group OPEC+ agrees to boost output
    ** West Texas Intermediate  CLc1  futures slip 2.6% to
$69.95, also hurt by fears about possibly weaker crude demand as
COVID-19 infections rise in many countries  O/R  
    ** "The focus will be on market reaction to the weekend
OPEC+ agreement to increase production by 400,000 barrels every
month until the end of the year" - Marc Ostwald, chief economist
& global strategist at ADM Investor Services International 
    ** Says earnings reports from key oilfield services
providers Baker Hughes, Halliburton & Schlumberger will also be
on the radar
    ** Baker Hughes  BKR.N , Schlumberger  SLB.N , TechnipFMC
Plc  FTI.N , Halliburton Co  HAL.N  slip 1.7%-2.5%  
    ** Oil major ExxonMobil Corp  XOM.N  slides 2.3%, while peer
Chevron Corp  CVX.N  weakens 2.1%
    ** Refiner Marathon Petroleum Corp  MPC.N  dips 1.6%;
Phillips 66  PSX.N  is 1.1% lower
    ** Diamondback Energy Inc  FANG.O  falls 2.2%, while Apache
Corp  APA.O  drops 2.7% 
    ** Among other producers, Marathon Oil Corp  MRO.N  slips
2.1%, ConocoPhillips  COP.N  drops 2.2% 
    ** Callon Petroleum Co  CPE.N  and Occidental Petroleum Corp
 OXY.N  shed 4.2% each, Devon Energy Corp  DVN.N  drops 2.7%  
    ** U.S. oil equities have broadly benefited this year as WTI
oil  CLc1  has added more than 44% in value YTD

 (Reporting by Aaron Saldanha in Bengaluru)
 ((Aaron.Saldanha@thomsonreuters.com; +91 80 6182 2844))