Energy Sector Update for 01/12/2018: USEG,BP,DCP,GS, RDS-A,RDS.A, RDS-A, RDS.B, RDS/B, RDS-B

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OXY +0.90%

Energy stocks were higher Friday, with the NYSE Energy Sector Index climbing nearly 0.9% while shares of energy companies in the S&P 500 were up almost 0.8% as a group. Crude oil for February delivery was rising 30 cents to $64.10 per barrel in New York while the benchmark Brent crude March contract was 25 cents higher at $69.51 per barrel. February natural gas futures were up 11 cents at $3.20 per 1 million BTU. Among energy-related ETFs, United States Oil was up 0.6% while United States Natural Gas was up more than 3.3%. Also, the Philadelphia oil-service sector index was up 0.6%.

In industry news:

The Baker-Hughes ( BHGE ) was scheduled to release its weekly North American oil-and-gas rig count this afternoon at 1 pm ET.

Also, BP ( BP ), Royal Dutch Shell (RDS.A) and Goldman Sachs ( GS ) reportedly are among companies expressing an interest in filling India's strategic oil reserve in the southern Karnataka state. India had been seeking bids to fill the 18.4 million barrel facility, according to Reuters, citing a government report.

Among energy stocks moving on news:

+ U.S. Energy's ( USEG ) traded higher Friday after saying its new dual-lateral well in Zavala County, Texas, averaged 1,046 barrels of oil and 1,085 million cubic feet of natural gas during its first 24 hours of production. Cumulative daily production grew to 7,200 barrels of oil equivalent after eight days with an 81% oil cut, matching the output from many of the upper-tier wells recently completed in the Georgetown formation.

In other sector news:

+ BP ( BP ): BMO raises its price target for the energy major to GBP6.00 from GBP5.80 per share previously, also reiterating its Outperform rating for the stock. "BP offers a peer-leading dividend yield with share buybacks as an immediate stock catalyst," said BMO in a new research note. "The company has delivered major progress since 2016, laying out a detailed and focused growth program on both the upstream and downstream until 2021."

+ DCP Midstream ( DCP ): Stifel boosts its price target for the pipeline company's stock by $7 to $46 a share, reiterating its Buy investment recommendation.

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 , Energy
Referenced Symbols: BHGE , BP , GS , USEG , DCP

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