Energy Stocks Moderately Lower; Natural Gas Prices Tumble After weekly EIA Supply Report

By Staff,

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Energy stocks are moderately lower with the NYSE Energy Sector Index (^NYE) slipping about 0.2% and the S&P Energy Index (^IXE) falling nearly 0.5%. Crude oil for July delivery (CLN13.NYM) is up $1.20 to $94.94 per barrel while July natural gas (NGN13.NYM) is down 13 cents to $3.87 per 1 mln BTU.

Natural gas futures plunged this morning after a weekly inventory report found a 111-bln cubic feet rise in private-sector supplies last week to 2.25 trillion cubic feet, the U.S. Energy Information Agency said. Industry experts were looking for smaller build of between 93 bln to 97 bln cubic feet, according to a Platts survey.

In company news, Devon Energy ( DVN ) is down near 3% at around $55 a share after today announcing plans to form publicly traded pipeline master limited partnership.

DVN said it expects the MLP to file a registration statement with the U.S. regulators during Q3, with the partnership initially owning a minority stake in the company's natural gas gathering and processing assets in Texas, Oklahoma and Wyoming. An offering of partnership units would follow, subject to market conditions.

In other sector news,

(+) GST, (+2.7%) Extends the closing of its sale of properties in east Texas to Cubic Energy ( QBC ) until June 28, giving QBC additional time to finalize its financing for the $46-mln deal in exchange for QBC waiving certain negative price adjustments and providing GST with an extra $350,000. QBC shares are up 3.2% to 32 cents apiece.

(-) HES, (-0.01%) Declares quarterly dividend of $0.10 per share, payable June 28 to shareholders of record on June 17.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: DVN , QBC

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