Energy Stocks Turning Lower But Crude on Upswing; Respol Confirms Large Discovery Off Brazil

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Energy stocks are turning lower this afternoon with the NYSE Energy Sector Index now down 0.08% and the S&P Energy Index falling 0.49%.

Natural-gas futures are paring their losses after supply data found inventories rose by 77 billion cubic feet rise during the week ended May 18. Working gas in storage was 2,744 billion cubic feet, topping both year-ago and the five-year average, according to U.S. Energy Information Agency estimates.

At last look, natural gas for June delivery is down just under 4 cents at $2.698 per 1 million British thermal units. July crude oil is up $1.33 at $91.23 a barrel.

In company news, Spanish oil firm Repsol today confirmed a large oil and gas find off Brazil. The company, in partnership with China's Sinopec ( SHI ), Norway's Statoil ( STO ) and Brazil's Petrobras ( PRB ), said the discovery in the Campos basin could hold over 1.2 billion barrels of oil equivalent, a figure that equals more than Brazil's expected total oil output for this year.

The firms did not detail development plans but Statoil exploration chief Tim Dodson told Reuters that production was unlikely to start before 2020.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: PRB , SHI , STO

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