Sector Update: Energy

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Energy stocks are finishing with broad gains with the NYSE Energy Sector Index rising 1.9% while shares of energy companies in the S&P 500 are ahead 2.0% as a group. Crude oil for October delivery settled $1.09 higher at $110.10 per barrel. September natural gas gained 3 cents at $3.57 per 1 million BTU.

In company news, Darling International Inc. ( DAR ) is down about 1.6% at $20.38 a share and the rendering and processing company saying unscheduled repairs at its biodiesel joint venture with Valero Energy will temporarily curtail production.

According to the company, the Diamond Green Diesel plant in San Antonio, Texas, is currently producing around 9.300 barrels of renewable diesel fuel per day although it said throughput will be reduced between 22% to 44% while a heat exchanger at the plant is replaced.

Work is expected to be completed by mid-October, DAR said, adding the new heat exchanger should improve production rates in the future.

VLO shares are up 1.4% this afternoon at $35.76 apiece.

In other company news.

(+) PNG, Receives $80.5-mln buyout proposal from Plains All American Pipeline ( PAA ), which is seeking to purchase the 54% of PNG equity units it already doesn't own by offering 0.435 of its units for each PNG unit. PAA is down 0.7% at $51.09 a share.

(-) FRO, Adjusted Q2 net loss dropped to $1.54 per share, trailing analyst expectations looking for a $0.50 per share loss. Revenue declined 33% to $121.2 mln, topping the $47.6 mln Capital IQ consensus.



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: DAR , PAA

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