US energy sector dips on worries over demand

Callon Petroleum Co

06/12/2023 16:52

(Updates)
    ** S&P 500 Energy sector  .SPNY  drops 1.5%, tracking a fall
in crude prices
    ** Brent crude  LCOc1  down 3.2% at $74.73/bbl and US West
Texas Intermediate crude  CLc1  down 3.6% at $69.59/bbl, as a
bigger-than-expected rise in U.S. gasoline inventories raises
concerns about demand and outweighs a draw in crude stocks  O/R 
 
    ** Oil major Exxon Mobil  XOM.N  down 1.2%
    ** Marathon Petroleum  MPC.N , Valero Energy  VLO.N ,
ConocoPhillips  COP.N  and Diamondback Energy  FANG.O  slip
between 1.8% and 2.4%, among top pct losers on the energy index
    ** Separately, Exxon forecasts an increase in project
spending through 2027 with focus on low carbon initiatives
    ** Expenditures could potentially go up to $32 billion by
2027, above market expectations, assuming an incremental $4-5
billion in spending for Pioneer's assets, says Biraj
Borkhataria, associate director at RBC Capital 

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))