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Narrow Gains For Energy Stocks; William Cos, Boardwalk Teaming on LPG Export Terminal
By: MT Newswires
Top Energy Stocks
Energy stocks are holding small gains, with the NYSE Energy Sector Index climbing 0.2% while shares of energy companies in the S&P 500 also are ahead 0.2% as a group. Crude oil for October delivery is up $1.59 at $103.63 per barrel while November natural gas is down 5 cents to $3.56 per 1 million BTU.
In company news, Williams Cos. Inc. ( WMB ) is down 0.2% at $36.65 a share, slipping slightly underwater again following a brief move to positive ground after the natural gas mid-stream company saysit will again partner with Boardwalk Pipeline Partners ( BWP ). This time, the partnership is to build a liquefied petroleum gas export terminal serving tanker ships on the Calcasieu River near Lake Charles, La.
BWP shares also are narrowly lower, down 0.1% at $30.67 each, in choppy trade carrying the stock in a tight range either side of its break-even mark.
The terminal is being designed to store around 900,000 barrels of fully refrigerated propane and butane with a load-rate of 25,000 barrels per hour after becoming operational, expected by late 2015.
WMB and BWP already are working with a number of parties to reserve off-take capacity at the terminal. The companies previously signed joint-venture agreements to develop the proposed Bluegrass pipeline connecting the Marcellus and Utica shale gas formations in Ohio, West Virginia and Pennsylvania to Gulf coast refineries in Louisiana and Texas.
The firms also are working on a fractionation plant near the proposed LPG terminal to separate natural gas liquids arriving from the Bluegrass pipeline.
In other sector news,
(+) PEIX, (+9.8%) Enters purchase agreement for 167 mln pounds of surplus raw beet sugar to be blended with corn feedstock and producing an additional 12 mln gallons of ethanol.
(-) TGP, (-3.9%) Announces plans to offer 3 million common equity units representing ownership interests. The partnership expects to use the net proceeds to partially fund the purchase of a second liquified natural gas carrier.