Oil companies fall on economic concerns, inflows on tech stocks

Civitas Resources

05/07/2024 18:55

** Shares of energy and oil field services companies fall
despite oil prices reaching their highest levels since late
April on Friday  O/R 
    ** Brent  LCoc1  up ~0.5% to $87.82 a barrel at 11:16 a.m.
ET, while U.S. West Texas Intermediate (WTI) crude futures
 CLc1  were up ~0.6% at $84.36
    ** Among the top losers on the S&P 500  .SPX  are Civitas
Resources  CIVI.N  down 3.6% at $67.7, Permian Resources  PR.N 
down 4.1% at $16.11, and PBF Energy  PBF.N  falling 4.2% to
$43.85
    ** Other oil & gas companies fall between 0.4% and 5%
    ** Low volumes along with concerns around economy and growth
was weighing on shares, and with oil at $80+ on the front-month,
there could be more risk to investor profit taking, said
Gabriele Sorbara, managing director of equities research at
Siebert William Shank
    ** Additionally, "money continues to flow into the tech
sector, which comes at the expense of the energy stocks...the
energy weighting in the S&P500 is at 3.54%, the lowest level
since early 2022, while tech is at a record level (>33%)"

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))