Energy Stocks Sliding Lower; Noble Energy Plan For LNG Terminal in Cyprus Approved


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Energy stocks turned negative this afternoon with the NYSE Energy Sector Index sinking nearly 1.0% shortly before the closing bell while shares of energy companies in the S&P 500 are down about 0.7% as a group. July crude oil fell 21 cents to $98.25 per barrel while July natural gas rose 6 cents to $3.96 per 1 mln BTU.

In company news, Noble Energy Inc. ( NBL ) is down 0.1% at $60.62, giving back a 1.5% rise earlier in the session that followed the Cyprus government approving a preliminary deal with the company and two other firms to develop a liquified natural gas terminal to tap into the eastern Mediterranean's gas discoveries.

The decision was announced by a deputy government spokesman who did not provide any additional details. The other firms participating in the LNG project - expected to begin exports by 2020 - are Delek Drilling and Avner Oil Exploration.

In other sector news,

(+) NRGY, Completes pro rata distribution of 56.4 mln units of its Inergy Midstream ( NRGM ) affiliate, with each NRGY unitholder receiving 0.432052 NRGM units for each NRGY unit they now own.

(+) IOC, Proxy advisory firm Institutional Shareholder Services reverses previous recommendation, now telling shareholder they should support a management proposal to adopt new by-laws regarding the company's advanced notice provisions.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: NBL , NRGM

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