Energy Stocks Trimming Earlier Losses; Northern Tier Energy Shares Slide After Weekend Refinery Fire


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Energy stocks narrowed their earlier losses shortly before the close with the NYSE Energy Sector Index sinking 0.4% while shares of energy companies in the S&P 500 are down about 0.4% as a group.

In company news, Units of Northern Tier Energy LP ( NTI ) Monday fell to a 13-month low after the independent downstream energy company reported a weekend fire at one of its crude units at its refinery in St. Paul Park, Minn.

The units were down $1.46, or 7.5%, at $18.08 in recent trading. They reached an intraday low of $17.93. The units haven't had a close that low since August 2012, their first full month of trading.

The fire begam around 11:30 a.m. CT, originating in a reduced crude pump, the company said. The blaze was brought under control and completely extinguished by 2:16 p.m. by the refinery's emergency-response team and local fire departments from St. Paul Park and Newport.

The company is continuing to to investigate the cause of the fire and assess its damage.

In other sector news,

(-) FISH, Pipeline company slides to new 52-week low after expanding its board to now encompass a majority of independent directors. Also announced pro-rated Q3 cash distribution to unitholders of $0.23 per unit.

(-) EGY, Hires Steven Guidry as CEO, effective Oct. 21. Guidry current is president of Marathon's ( MRO ) Libyan subsidiary and previously led its central Africa business unit.

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: MRO , NTI

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