Energy stocks are broadly lower with the NYSE Energy Sector
Index sliding nearly 1.5% and the S&P Energy Index falling
about 0.8%. Crude oil for March delivery is down $1.13 to $96.64
per barrel. March natural gas is up 5 cents at $3.35 per 1 million
In company news, China Petroleum & Chemical Corp. (
) ADRs are down over 7% with the oil and gas company announcing
plans to place 2.845 million of its H Series shares at HKD8.45
apiece. SNP intends to use net proceeds from the offering for
general corporate purposes. The deal is expected to close on Feb.
In other sector news,
(-) PBR, (-3%, to within $1 of 52 week lows) Two oil and gas
platforms under construction at a Brazilian shipyard collided on
Saturday after high winds dislodged their moorings.
(-) SD, (-3.6%) Cut Neutral from Buy at Ladenburg Thalman. Price
target also lowered by $3 to $7 a share.
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