Energy Sector Update for 05/17/2019: BP,OBE,OBE.TO,RRC

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Top Energy Stocks

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OXY -1.71%

Energy stocks were declining this afternoon, with the NYSE Energy Sector Index falling 0.4% while shares of energy companies in the S&P 500 were down 0.7% as a group. West Texas Intermediate crude oil for June delivery was slipping 8 cents to $62.79 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude July contract was declining 59 cents to $72.03 per barrel. June natural gas futures were unchanged at $2.63 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 0.4% while the United States Natural Gas fund was up 0.1%. The Philadelphia Oil Service Sector index was down 1.6%.

Among energy stocks moving on news:

(+) BP plc ( BP ) still was narrowly higher this afternoon, rising less than 1%. The energy major reportedly shut down its refinery in the Netherlands for repairs about five months ahead of schedule. Thursday's shutdown of the 200,000 barrel-per-day facility in Rotterdam was originally scheduled for October and is expected to last four to six weeks, sources told Reuters.

In other sector news:

(+) Obsidian Energy ( OBE ) rose 4% on Friday after the Canadian oil and natural gas producer said it was selling its 55% working interest in the Peace River Oil Partnership for $97 million in cash and the unidentified purchaser's stock. Under terms of the proposed transaction, Obsidian will receive $85.8 million in cash, with the remaining $11.2 million to be paid in stock at the close, expected around July 31.

(-) Range Resources Corp ( RRC ) dropped 4% on Friday. The crude oil and natural gas producer late Thursday promoted its senior vice president for operations to chief operating officer, effective immediately. Dennis Degner replaces Ray Walker, who retired from the company in April 2018.

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: BP , OBE , RRC

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