Energy cos fall on lower crude prices as investors assess Russian oil ban impact

Viking Global Technologies

09/03/2022 12:40

** Energy cos and ETFs fall premarket, tracking volatile
crude prices, as investors assess the supply impact of U.S. ban
on Russian oil, and on talks that Ukraine is no longer seeking
NATO membership  urn:newsml:reuters.com:*:nL2N2VC08C
    ** Brent crude  LCOc1  fell $2.27, or 1.8%, to $125.71/bbl
at 1105 GMT (0605 ET); U.S. WTI crude  CLc1  fell $3.19, or
2.6%, to $120.51  O/R 
    ** Brent had inched past $139 this week, a level not seen
since 2008
    ** O&G players Camber Energy  CEI.N , Imperial Petroleum
 IMPP.O  and Houston American Energy  HUSA.N  - cos with stocks
under $7/shr - top volumes charts across U.S. exchanges amid
chatter on Reddit and retail investor forum Stocktwits
    ** Small investors are favoring energy stocks at the expense
of tech shares recently, according to Vanda Research
 urn:newsml:reuters.com:*:nL3N2VC2L9
    ** ProShares Ultra Bloomberg Crude Oil  UCO.P , United
States Oil Fund LP  USO.P  and SPDR S&P Oil & Gas Exploration &
Production ETF  XOP.P  lose 2.3%-7.5%
    ** Chevron  CVX.N  and ExxonMobil  XOM.N  drop 2.7% and
3.4%, respectively; CVX had scaled record high of $174 on
Tuesday
    ** Producers Conocophillips  COP.N  SM Energy  SM.N ,
Marathon Oil  MRO.N , Callon Petroleum  CPE.N  and Occidental
Petroleum  OXY.N  ease 2.8%-4.7%
    ** Oilfield services firm Schlumberger  SLB.N  down 3.3%,
Halliburton  HAL.N  down 3.5%
    ** Refiners Valero Energy  VLO.N , PBF Energy  PBF.N  and
Marathon Petroleum  MPC.N  slump 1.6%-2.7%

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com;Twitter: https://twitter.com/ruhithere;))