Energy firms rise after Trump's re-election
Updates
** Shares of oil and gas firms rise afterDonald Trump's re-election as president
** Top oil and gas cos Exxon Mobil XOM.N and Chevron CVX.N up 1.5% and 2.3%,respectively
** Occidental Petroleum OXY.N up 1.6%; Diamondback Energy FANG.O and EQTEQT.N and rise between 1.6% and 5.2%
** Oilfield equipment and services operators Baker Hughes BKR.O and SLB SLB.N up 5.05% and 3.3%, respectively
** Phillips 66 PSX.N rises 2.6%, Valero Energy VLO.N up 2.9%and Marathon Petroleum MPC.N gains 2.8%
** Trump has stated his intention to expand production by rolling back green regulations that hinder oil and gas drilling
** Trump victory is a win for domestic gas prices with the potential to accelerate LNG projects permits/timing - Gabriele Sorbara of Siebert Williams Shank & Co
** Oil prices, however, dropped; Brent crude futures LCOc1 down 2% at $74.02/barrel and U.S. West Texas Intermediate crude futures CLc1 down 2.3%at $70.37/barrel
U.S. Oil Production by Presidency https://reut.rs/3YFeEA0
Reporting by Mrinalika Roy and Pooja Menon in Bengaluru
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