Energy Sector Update for 03/27/2019: VEDL,OIS,ET,PSXP

Shutterstock photo

Top Energy Stocks

XOM -0.78%

CVX -1.15%

COP -1.08%

SLB -0.98%

OXY -1.57%

Energy stocks were retreating Wednesday, with the NYSE Energy Sector Index falling 0.9% while shares of energy companies in the S&P 500 were down almost 0.8% as a group. West Texas Intermediate crude oil for May delivery was slipping 55 cents to $59.39 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude May contract was declining 10 cents to $67.87 per barrel. April natural gas futures were 5 cents lower at $2.69 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 1.0% while the United States Natural Gas fund was dropping more than 1.4%. The Philadelphia Oil Service Sector index was down nearly 0.5%.

Among energy stocks moving on news:

(-) Vedanta ( VEDL ) was narrowly lower Wednesday, reversing a slim advance earlier in the session. The Indian natural resources conglomerate said it has found multiple reservoir zones with its H2 exploratory well in the Krishna-Godavari offshore basin on the country's Indian Ocean coast. Further appraisal is needed to determine the size and potential commercial prospects of the new discovery, Vedanta said.

In other sector news:

(+) Oil States International ( OIS ) was surging this afternoon, rising more than 6% after Raymond James Wednesday raised its stock rating for the oilfield services and products company to strong buy from outperform.

(-) Energy Transfer ( ET ) was 1% lower in recent trading after the energy logistics company and Phillips 66 Partners ( PSXP ) said their 163-mile Bayou Bridge Pipeline is complete and is expected to begin crude oil shipments in April.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Energy
Referenced Symbols: VEDL , OIS , ET , PSXP

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?