US energy sector gains after fuel stock data, Fed's Powell remarks

Pioneer Natural Resources Co

06/03/2024 16:29

** S&P 500 Energy Sector  .SPNY  climbs 1%, tracking gains
in crude prices  O/R 
    ** Brent crude  LCOc1  up 2.1% at $83.72/bbl and U.S. West
Texas Intermediate crude  CLc1  up 2.7% at $80.30/bbl on
smaller-than-expected weekly increase in U.S. crude inventories
and a big withdrawal from U.S. distillate and gasoline
stockpiles
        ** Prices also spurred on by U.S. Fed Chair Jerome
Powell's remarks that the Fed expects to reduce its benchmark
interest rate later this year
    ** Energy majors Exxon Mobil  XOM.N  and Chevron  CVX.N  up
about 1.2% each
    ** Shares of Occidental Petroleum  OXY.N , Halliburton
 HAL.N , Pioneer Natural Resources  PXD.N , Marathon Oil
 MRO.N , Baker Hughes  BKR.O  and Targa Resources  TRGP.N  among
the top pct. gainers on the energy index, rise between 1.2% and
2.6%

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))