Energy Sector Update for 06/19/2019: BTU,ARCH,ESTR,FTI

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Top Energy Stocks

XOM -0.65%

CVX -0.19%

COP -0.40%

SLB -1.21%

OXY +0.03%

Energy stocks were narrowly lower, with the NYSE Energy Sector Index falling slightly more than 0.1% while shares of energy companies in the S&P 500 were down almost 0.3% as a group. West Texas Intermediate crude oil for July delivery was slipping 11 cents to $53.79 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude August contract was declining 6 cents to $62.08 per barrel. July natural gas futures were unchanged at $2.33 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling over 0.5% while the United States Natural Gas fund also was dropping about 1.4%. The Philadelphia Oil Service Sector index was down about 0.2%.

Among energy stocks moving on news:

(+) Peabody Energy Corp ( BTU ) rose 4.9% after announcing a new joint venture with Arch Coal ( ARCH ) that will combine the rival miner's assets in the Powder River Basin and in Colorado and creating "a highly synergistic" partnership intended to strengthen the competitiveness of coal against natural gas and renewables. Peabody will own 66.5% of the joint venture and Arch will own the remaining 33.5%.

In other sector news:

(+) Estre Ambiental ( ESTR ) shares more than doubled in price on Wednesday, rising over 127% after the Brazilian waste management company disclosed plans to sell all of its biogas energy generation business to entities affiliated with Canadian pension fund Alberta Investment Management. Under terms of the proposed transaction, Estre received a BRL30 million upfront payment and also is eligible for another payment to reflect the target companies' enterprise value at closing.

(+) TechnipFMC ( FTI ) was little changed this afternoon, rebounding from a small morning decline. The oilfield-services company said it has won several subsea contracts to assist Anadarko Petroleum ( APC ) with its Golfinho/Atum liquefied natural gas project in Mozambique.

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: BTU , ARCH , ESTR , FTI ,

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