Energy Sector Update for 03/06/2019: VTNR,BTE,BTE.TO,XOM,LNG,SNP

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Top Energy Stocks

XOM -1.60%

CVX -0.35%

COP -1.15%

SLB -3.27%

OXY -2.22%

Energy stocks extended their afternoon declines, with the NYSE Energy Sector Index about 1.3% while shares of energy companies in the S&P 500 were down just under 1.5% as a group. West Texas Intermediate crude oil for April delivery settled 34 cents lower at $56.22 per barrel in New York while the global benchmark Brent crude May contract rose a penny to $65.87 per barrel. April natural gas futures fell 4 cents to $2.84 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling more than 0.7% while the United States Natural Gas fund was dropping about 1.3%. The Philadelphia Oil Service Sector index was down over 3.6%.

In industry news:

U.S. crude oil inventories rose more than expected last week, climbing by 7.1 million barrels during the seven days ended March 1, reaching 452.9 million barrels and topping industry opinion expecting a 1.45 million-barrel increase. Gasoline and distillate supplies dropped more than expected, falling by 4.23 million barrels and 2.4 million barrels, respectively. That compares with the S&P Global Platts survey looking for a 1.6 million-barrel decline in gasoline inventories last week and a 1.0 million barrel dip in distillate supplies.

Among energy stocks moving on news:

(+) Vertex Energy ( VTNR ) rose over 2% after the specialty oil products company Wednesday reported a 1.2% year-over-year increase in Q4 revenue to $41.8 million, topping the two-analyst consensus looking $40.3 million in revenue for the three months ended Dec. 31. It also narrowed its net loss to $0.23 per share from $0.36 per share during the year-ago period but missed the Street view by $0.01 per share.

In other sector news:

(-) Baytex Energy ( BTE ) slipped 3%, giving back an earlier gain. The Canadian oil and natural producer raised its FY19 adjusted funds flow forecast by 32% over its prior outlook, now expecting around $800 million in funds flow this year compared with its December guidance expecting $605 million.

(-) ExxonMobil ( XOM ) declined Wednesday, falling about 1.8% in recent trade. Citing improvements to its investment portfolio and prospective divestments, the energy major raised its earnings projections through 2025 by an extra $9 billion, now looking for 140% growth over FY17 levels over the next six years compared with its previous forecast expecting a 135% increase by 2025.

(-) Cheniere Energy ( LNG ) declined almost 2% this afternoon, reversing a small gain soon after the opening bell. China Petroleum and Chemical ( SNP ), the Chinese energy major better known as Sinopec, will sign a 20-year liquefied natural gas supply agreement with Cheniere as soon as the US and China resolve their current trade dispute, industry sources told Reuters.

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: VTNR , BTE , XOM , LNG , SNP

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