Energy companies rise amid Canadian wildfire supply concerns, softer dollar

Targa Resources

02/06/2025 20:54

Updates

** S&P 500 energy index .SPNY up 1%, tracking a rise in oil prices O/R

** Brent crude futures LCOc1 up 3.4% at $64.90/barrel, while U.S. West Texas Intermediate crude CLc1 rises 3.3% to $64.85/barrel

** Prices rose despite producer group OPEC+ sticking with output hike plans, as wildfires burning in Canada's oil-producing province threatened supply and President Donald Trump's new tariff threats weighed on the U.S. dollar

** Energy majors Chevron CVX.N and Exxon XOM.N, both, up marginally

** EQT Corp EQT.N, Targa Resources TRGP.N, Devon Energy DVN.N and Coterra Energy CTRA.N up between 2.4% and 2.8%; among the top percentage gainers on the energy index

** Oilfield services companies: Halliburton HAL.N rises 2.1% and SLB SLB.N up 0.9%

** Refiner Phillips 66 PSX.N up 0.6%

(Reporting by Katha Kalia and Sumit Saha in Bengaluru)

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