Energy firms gain as tight supplies outweigh demand concerns

Callon Petroleum Co

15/05/2023 15:17

** Shares of U.S. oil and gas firms gain, tracking rise in
oil prices
    ** Brent crude  LCOc1  up 0.89%, while U.S. West Texas
Intermediate (WTI) crude  CLc1  advances 0.85% as prospect of
tightening supplies due to OPEC+ production cuts and a
resumption in U.S. buying for reserves outweighs demand concerns
 O/R 
    ** Oil majors Chevron Corp  CVX.N  and ExxonMobil Corp
 XOM.N  gain 0.2% and 0.3%, respectively
    ** Oil producers Marathon Oil Corp  MRO.N , Chesapeake
Energy Corp  CHK.O , Devon Energy Corp  DVN.N , Ovintiv Inc
 OVV.N , SM Energy Co  SM.N , Callon Petroleum Co  CPE.N  and
CNX Resources Corp  CNX.N  rise between 0.1% and 2.5%
    ** Oilfield services firms SLB  SLB.N , Baker Hughes Co
 BKR.O , Halliburton Co  HAL.N  and Patterson-UTI Energy Inc
 PTEN.O  up between 0.4% and 1.6%
    ** Refiners PBF Energy Inc  PBF.N , Valero Energy  VLO.N 
Corp and Marathon Petroleum Corp  MPC.N  gain 0.2% to 0.8%
    ** United States Oil Fund LP  USO.P  advances 0.8% and
ProShares Ultra Bloomberg Crude Oil  UCO.P  rises 1.7%



 (Reporting by Ankit Kumar)
 ((Ankit.Kumar2@thomsonreuters.com))