US energy sector declines on huge fuel inventory builds

Callon Petroleum Co

04/01/2024 18:12

(Updates)
    ** S&P 500 Energy Sector  .SPNY  down 0.95%, tracking
declining crude prices O/R 
    ** Brent crude  LCOc1  down 1.7% at $76.91/bbl, and US West
Texas Intermediate crude  CLc1  down 1.6% at $71.47/bbl as
massive weekly gasoline and distillate stock builds overshadow a
larger-than-expected crude stock draw
        ** Data from the U.S. Energy Information Administration
show low fuel demand and large inventory increases, which
weighed on crude prices
  
    ** Energy majors Chevron  CVX.N  and Exxon Mobil  XOM.N 
lose 0.6% and 0.5%, respectively
    ** ConocoPhillips  COP.N , Diamondback Energy  FANG.O ,
Valero Energy  VLO.N , Marathon Oil  MRO.N  and EOG Resources
 EOG.N , among the top pct. losers on the energy index, down
between 1.6% and 2.3%
        ** Shares of Marathon Petroleum  MPC.N , which hit a
record high earlier in the session, reverse course and fall 0.4%
  
        ** APA Corp  APA.O  falls as much as 7.2% after co says
it will acquire Callon Petroleum  CPE.N  in a $4.5 bln all-stock
deal

 (Reporting by Vallari Srivastava)
 ((Srivastava.Vallari@thomsonreuters.com;))