Energy Sector Update for 11/30/2016: PBR,FMSA,GMLP


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Energy stocks were riding big gains today - also propelling the broader markets - after an apparent agreement on production cuts by OPEC members, with the NYSE Energy Sector Index climbing over 5.3% while shares of energy companies in the S&P 500 were up 5.2% as a group. Crude oil for January delivery settled $4.21 higher at $49.44 per barrel while January natural gas futures rose 4 cents to $3.35 per 1 million BTU. An unexpected decline in U.S. crude oil inventories last week also was bullish for much of the energy sector.

In company news, American depository receipts of Petroleo Brasileiro SA ( PBR ), the state-owned energy major better known as Petrobras rallied Wednesday following reports the company will soon raise wholesale fuel prices.

An agreement by the Organization of the Petroleum Exporting Countries to cut its daily production by around 1.3 million barrels to 32.5 million barrels per day, the oil cartel's first reduction since 2008 in a bid to prop up global crude prices, together with the current exchange rate for the Brazilian reais are creating conditions for Petrobras to increase the prices it charges distributors, a source close to the company's pricing evaluation told Reuters today.

PBR ADRs were up just under 11% at $10.91 each, previously climbing to a session high of $10.98 per ADR.

In other sector news,

(+) FMSA, Buys back $37.9 mln of extended term B-1 Loans and $175.1 million of term B-2 Loans due September 2019 at an average 96.3% discount through a Dutch auction.

(-) GMLP, Q3 revenue fell 0.2% to $113.8 mln, edging out the $113.5 mln consensus. Operating income also slips 0.2% to $71.6 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: PBR , FMSA , GMLP


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