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
In company news, Devon Energy (
) is down nearly 3% at around $55 a share, but above its low for
the session of $54.83 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 (
) 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, (-0.2%) Declares quarterly dividend of $0.10 per share,
payable June 28 to shareholders of record on June 17.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.