Sector Update: Energy Shares Mostly Flat While ConocoPhillips Moves to the Downside; May Crude Slips

By Staff,

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NYMEX Benchmark Crude May: -$0.48 to $109.44

Top Energy Stocks

XOM: 0.0%

CVX: 0.0%

COP: -1.2%

SLB: 0.0%

OXY: 0.0%

Energy shares are flat in pre-bell trading but ConocoPhillips ( COP ) is seeing early downside pressure, down 1.2% before the open. The May crude oil contract is seeing some downward pressure, falling $0.48 to $109.44. There isn't any specific news driving ConocoPhillips lower this morning, but Bloomberg did report that the oil major flared gases at its Wood River refinery in Illinois yesterday. In other energy news, FuelCell Energy ( FCEL ) says it won two subcontracts totaling $1.7 million to demonstrate advanced biogas de-sulfurization technology and a contract to evaluate the effectiveness of Direct FuelCells to efficiently separate carbon dioxide (CO2) from the emissions of industrial operations such as refineries, cement kilns and pulp and paper mills. Also, Western Gas Partners ( WES ) is reportedly initiated with a Buy at Deutsche Bank. Price target for shares is $40.

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

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This article appears in: Investing Commodities
Referenced Stocks: COP , FCEL , WES

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