Energy sector down on lower-than-expected China growth outlook

Danavation Technologies

06/03/2023 15:14

** S&P 500 Energy sector  .SPNY  slips 0.7% in early
trading, tracking a fall in crude and natural gas prices
    ** Brent crude  LCOc1  down 0.9%, while U.S. WTI crude slips
0.8% after China set a lower-than-expected target for economic
growth this year at around 5%, and investors cautiously awaited
U.S. Federal Reserve Chair Jerome Powell's testimony this week
    ** Oil majors Exxon Mobil Corp  XOM.N  and Chevron Corp
 CVX.N  edge lower by 0.4% and 0.2%, respectively 
    ** Hess Corp  HES.N , Valero Energy Corp  VLO.N , EOG
Resources Inc  EOG.N , APA Corp  APA.O  and EQT Corp  EQT.N 
down between 1% and 4.2%, among the worst decliners on the index
    ** U.S. natural gas futures drop more than 12%, after
hitting a five-week high in the previous session, as the cold
weather forecast for March turned more mild over the weekend

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))