November 9, 2016 / 4:36 PM / a year ago

BUZZ-Oil and gas producers: Reverse initial losses

** Shares of U.S. oil and gas producers trade mostly higher after markets recover from an initial Brexit-like reaction to Donald Trump’s surprise victory in the U.S. presidential election

** Oil reverses most of its early losses after being down about 4 pct earlier

** Brent crude down 0.2 pct at $45.95 per barrel at 1515 GMT; WTI down 0.2 pct at $44.75

** “I think (Trump‘s) administration will be more friendly to the energy complex in general but I am not sure what he can really do specifically except open up more government land to drill on,” said Bill Costello, portfolio manager at Texas-based investment firm Westwood Holdings Group

** S&P Energy Index up 0.05 pct

** “U.S. domestic energy policy has not received much attention during the election given low commodity prices. However, less regulation around fracking and lower corporate tax would clearly help the U.S. onshore shale recovery,” analysts at Jefferies & Co said

** Biggest movers: Cabot Oil & Gas Corp up 4.4 pct, Valero Energy Corp 2.2 pct, Williams Cos Inc 2 pct, National Oilwell Varco Inc 1.9 pct, Marathon Oil Corp, Devon Energy Corp 1.6 pct, Chesapeake Energy Corp 1.8 pct

** Exxon Mobil Corp down 0.08 pct, Schlumberger Ltd 0.5 pct, Chevron Corp down 0.6 pct

** “The market reaction towards Exxon, Chevron, Occidental Petroleum is probably more connected with currency impacts - given their international exposure - than any headwind that Trump could possibly bring in to the oil industry,” said Luana Siegfried, analyst at Raymond James

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