Oil companies decline on uncertain demand outlook

Callon Petroleum Co

05/10/2023 11:09

** Shares of oil companies fall in premarket trading,
tracking ~1% decline in crude prices 
    ** S&P 500 Energy Sector  .SPNY  closed 3.4% lower in
previous session after oil settled down more than $5 on
Wednesday as a bleaker macroeconomic outlook and fuel demand
destruction came into focus
    ** Brent crude  LCOc1  down 0.7% at $85.18/bbl while U.S.
West Texas Intermediate crude  CLc1  falls 0.8% to $83.50/bbl on
uncertain demand outlook  O/R 
    ** Top U.S. oil producer Exxon Mobil  XOM.N  down 1% at
$110.35; XOM closed 3.7% lower on Wednesday
    ** Energy producers Occidental Petroleum  OXY.N , Devon
Energy  DVN.N , Callon Petroleum  CPE.N  slip between 0.7% and
2%
    ** Uncertain demand outlook held off any boost from an OPEC+
panel maintaining oil output cuts to keep a tight supply
     ** Latest data also showed a sharp decline in U.S. gasoline
demand

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))