Sector Update: Energy
Energy stocks turned negative this afternoon with the NYSE Energy Sector Index sinking nearly 1.0% shortly before the closing bell while shares of energy companies in the S&P 500 are down about 0.7% as a group. July crude oil fell 21 cents to $98.25 per barrel while July natural gas rose 6 cents to $3.96 per 1 mln BTU.
In company news, Noble Energy Inc. ( NBL ) is down 0.1% at $60.62, giving back a 1.5% rise earlier in the session that followed the Cyprus government approving a preliminary deal with the company and two other firms to development of a liquified natural gas terminal to tap into the eastern Mediterranean's gas discoveries.
The decision was announced by a deputy government spokesman who did not provide any additional details. The other firms participating in the LNG project - expected to begin exports by 2020 - are Delek Drilling and Avner Oil Exploration.
In other sector news,
(+) NRGY, Completes pro rata distribution of 56.4 mln units of its Inergy Midstream ( NRGM ) affiliate, with each NRGY unitholder receiving 0.432052 NRGM units for each NRGY unit they now own.
(+) IOC, Proxy advisory firm Institutional Shareholder Services reverses previous recommendation, now telling shareholder they should support a management proposal to adopt new by-laws regarding the company's advanced notice provisions.