BUZZ-US energy stocks gain on supply concerns

Reuters
25 Mar
BUZZ-US energy stocks gain on supply concerns

** S&P 500 energy index .SPNY rises 1.1%, tracking a rise in oil prices O/R

** Brent crude futures LCOc1 up 0.5% at $73.47/barrel; U.S. West Texas Intermediate crude futures CLc1 up 0.7% at $69.61/barrel

** Both benchmarks rose more than 1% on Monday after U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela

** Oil prices rose for a fifth day on expectations global supply may tighten after the U.S. announced tariffs on countries that buy Venezuelan crude, although OPEC+ plans to go ahead with an output hike in May limited gains

** Oil and gas major Exxon Mobil XOM.N up 1.2%

** Occidental Petroleum OXY.N, Devon Energy DVN.N, Hess Corp HES.N and Chevron CVX.N up between 2.7% and 1.7%; among the top percentage gainers on the energy index

** Oilfield services companies SLB SLB.N and Baker Hughes BKR.O each up ~1%

** Refiners Marathon Petroleum MPC.N and HF Sinclair DINO.N up 1.2% and 1%, respectively

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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