July 3, 2018 / 2:53 PM / 5 months ago

BUZZ-S&P 500 Energy index rises as US crude hits $75 on supply risks

** S&P 500 Energy index rises >2 pct as oil prices climb after Libya suspended crude exports from two key ports and power outage in Canada drains supply

** SPNY has pared gains, recently up just ~1 pct, but still best performer among the 11 major S&P 500 sectors early Tues; 29 of 31 SPNY components trading higher

** U.S. light crude oil Futures jumped ~2 pct to $75.27, highest since Nov 2014, though have since turned negative on the session, down 1 pct; Brent last up 0.2 pct at $77.45

** Best performers Andeavor up 3.6 pct, Marathon Petroleum 3 pct and Noble Energy 2.3 pct

** Chevron up 1.3 pct and providing 2nd biggest boost to SPX; this despite downgrade to “neutral” by Macquarie, which cited lower ranking vs co’s large cap global peers . Exxon up 0.8 pct

** S&P Energy index coming off its best quarterly showing since 2011 with a nearly 13 pct advance from Apr-Jun

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