US energy stocks rise on higher crude prices

Targa Resources

17/03/2025 18:30

Updates

** S&P 500 Energy index .SPNY rises 1.9%, tracking an increase in oil prices O/R

** Brent crude futures LCOc1 up 0.8% at $71.14/barrel and U.S. West Texas Intermediate crude futures CLc1 up 0.7% at $67.66/barrel

** 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 2.2% to highest since early December 2024, while Chevron CVX.N rises 1.5%

** Producers Diamondback Energy FANG.O, Coterra Energy CTRA.K and Devon Energy DVN.N up around 2% each

** Oilfield service companies such as Baker Hughes BKR.O and SLB SLB.N up 2.6% and 1.3%, respectively

** Refiners PBF Energy PBF.N up 5.8% and Marathon Petroleum gains MPC.N 3.5%

** Midstream companies Targa Resources TRGP.N, Kinder Morgan KMI.N and Energy Transfer ET.N up between 1.3% and 3.6%

 (Reporting by Seher Dareen in Bengaluru)

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