Energy shares reverse as oil prices recover on low diesel stocks before winter

PDC Energy

13/10/2022 17:59

** S&P 500 energy sector  .SPNY  climbs 3.3% tracking gains
in crude prices
    ** Low levels of diesel inventory ahead of winter helped
investors shrug off higher-than-expected stocks of crude and
gasoline
    ** Brent crude  LCOc1  and U.S. West Texas Intermediate
(WTI) crude  CLc1  each rise ~2%
    ** Oil majors Chevron Corp  CVX.N  and ExxonMobil  XOM.N  up
4.1% and 2.8%, respectively
    ** Occidental Petroleum  OXY.N , Devon Energy  DVN.N ,
Conocophillips  COP.N  and PDC Energy  PDCE.O  among the top pct
gainers on the energy index, up between 3.3% and 4%
    ** International Energy Agency (IEA) warned that last week's
OPEC+ decision to cut supply by 2 mln bpd may lead to a global
recession  urn:newsml:reuters.com:*:nL1N31E0IC
    ** "The most disturbing part of the (EIA) report is that
distilling inventories are so far below average. Winter is
coming," said Phil Flynn, analyst at Price Futures Group in
Chicago
    ** "The market is looking at the big picture, as opposed to
the short term demand numbers that were impacted by the storm,"
adds Flynn
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))