Top Energy Stocks
Energy stocks were narrowly mixed, with the NYSE Energy Sector Index slipping less than 0.1% while shares of energy companies in the S&P 500 were up more than 0.1% as a group. Crude oil for March delivery was rising 11 cents to $59.60 per barrel in New York while the benchmark Brent crude April contract was climbing 22 cents to $62.94 per barrel. March natural gas futures were unchanged at $2.59 per 1 million BTU. Among energy-related ETFs, United States Oil was up 0.5% while United States Natural Gas was down nearly 0.5%. The Philadephia oil-service sector index was up almost 0.4%.
In industry news:
The Energy Information Agency Wednesday morning reported a 1.84-million-barrel increase in U.S. crude oil inventories during the seven days ended Feb. 9. Industry experts polled by S&P Global/Platts had been expecting a 2.6-million-barrel build last week over prior-week levels. The rising supply followed the American Petroleum Institute late Tuesday saying crude inventories rose 3.9 million barrel last week.
Among energy stocks moving on news:
+ Scorpio Tankers ( STNG ) rose as much as 8% on Wednesday and touched a session high of $2.51 a share despite the company's reporting a wider-than-expected Q4 net loss and revenue trailing Wall Street estimates. Excluding one-time items, the petroleum shipping company recorded a $0.14 per share adjusted net loss during the three months ended Dec. 31, trimming an $0.18 per share loss during the year-ago period but missing the Capital IQ consensus expecting an $0.08 per share adjusted net loss. Revenue increased to $148.4 million from $106.1 million last year, also narrowly lagging the $148.9 million Street view.
In other sector news
- EQT Midstream Partners ( EQM ) declined Wednesday after analysts at Wolfe Research cut their investment recommendation to Peer Perform from Outperform.
+ Oaktree Capital Group ( OAK ) was narrowly higher Wednesday after the firm completed its $320 million purchase of Canadian oilfield-infrastructure company NAPEC (NPC.TO), paying C$1.95 for each NAPEC share. Following the deal closing, NAPEC shares will be delisted from the Toronto Stock Exchange later Wednesday.