Energy stocks are adding to their earlier gains with the NYSE Energy Sector Index rising 0.8% while shares of energy companies in the S&P 500 are up 1.0% as a group. Crude oil for December delivery settled 34 cents higher at $94.58 per barrel while December natural gas added 4 cents to finish at $3.56 per 1 million BTU.
In company news, Alon USA ( ALJ ) is down nearly 8% at $10.16 a share heading into tonight's close after reporting a Q3 net loss of $0.47 per share, ex items, trailing Wall Street expectations for the period by $0.19.
The refiner blamed a portion of the large loss on the relative price parity for West Texas Intermediate crude at the Cushing and Argus hubs during Q3, a disadvantage to the company because of its proximity to the Permian basin that has started to again widen as transportation costs normalize, now reaching $4.35 per barrel to its benefit.
In other sector news,
(+) CLNE, Posts $0.16 per share net loss during the quarter, ex items, $0.05 better than the Capital IQ consensus call. Revenue slipped 5.7% from the same quarter last year to $86.3 million, trailing analyst estimates by $2.43 million.
(-) AREX, Q3 earnings of $0.07 per share beat by $0.01. The oil and gas company also hires Sergei Krylov, currently a managing director at J.P. Morgan ( JPM ) Securities LLC, as its new chief financial officer.
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