Energy companies gain on Trump's threats to buyers of Russian crude

LandBridge LLC

06/08/2025 15:15

** S&P 500 Energy Index .SPNY up 0.4%, tracking higher crude prices O/R

** Brent crude futures LCOc1 rise 1.6% to $68.78/barrel, while U.S. Texas Intermediate Crude CLc1 up 1.7% at $66.28/barrel

** Crude prices rebounded from previous session's five-week low as traders focused on U.S. President Donald Trump threatening India with higher tariffs over its Russian crude purchases, and a larger-than-expected U.S. crude draw

** Energy major Chevron CVX.N up 0.8%

** Devon Energy DVN.N, ConocoPhillipsCOP.N, Diamondback Energy FANG.O and Exxon Mobil XOM.N rise between 1.2% and 3.6%; among the top percentage gainers on the energy index

** DVN's push is also helped by its 10-year agreement with LandBridge LB.N, which commences in Q2 2027

** Under the agreement, LB will provide 300,000 barrels per day (bpd) of pore space capacity and DVN will deliver at least 175,000 bpd of produced water

** Oilfield services company Baker Hughes BKR.O up 1% and SLB SLB.N gain 1.2%

** Refiners Phillips 66 PSX.N and HF Sinclair DINO.N both up marginally

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))