US energy stocks rise on higher crude prices

Targa Resources

17/03/2025 14:49

** S&P 500 Energy index .SPNY rises 1.3%, tracking an increase in oil prices O/R

** Brent crude futures LCOc1 and U.S. West Texas Intermediate crude futures CLc1 both up roughly 1% at $71.16/barrel and $67.74/barrel, respectively

** Prices gained after the U.S. vowed to keep attacking Yemen's Houthis until the Iran-aligned group ends its assaults on shipping

** U.S. President Donald Trump launched military strikes against the Houthis on Saturday over the group's attacks against Red Sea shipping

** Chinese economic data also boosted oil prices, fueling hopes for higher demand

** Shares of oil and gas majors Exxon Mobil XOM.N up 1.5% and Chevron CVX.N rise 1.1%

** Producers Coterra Energy CTRA.N, Targa Resources TRGP.N and Devon Energy DVN.N up between 2% and 3%

** Oilfield service companies such as Baker Hughes BKR.O and SLB SLB.N up 1.9% and 1.1%, respectively

** Refiners PBF Energy PBF.N up 4.6% and Marathon Petroleum gains MPC.N 2.2%

** Midstream companies Kinder Morgan KMI.N and Energy Transfer ET.N up 1.8% and 1%, respectively

 (Reporting by Seher Dareen in Bengaluru)

 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832 70128;))