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Energy Sector Update for 06/20/2019: OPTT,RIG,BP,RNET


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Top Energy Stocks

XOM +1.25%

CVX +1.08%

COP +2.15%

SLB +4.34%

OXY +1.73%

Energy stocks were sharply higher Thursday, extending their morning gains as oil prices soared after President Trump said Iran made a "big mistake" by shooting down a US drone over the Persian Gulf. At last look, the NYSE Energy Sector Index was climbing more than 1.9% while shares of energy companies in the S&P 500 were up almost 1.9% as a group. West Texas Intermediate crude oil for July delivery was rising $2.96 to $56.72 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude August contract was advancing $2.45 to $64.27 per barrel. July natural gas futures were 9 cents lower at $2.19 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead over 3.7% while the United States Natural Gas fund was dropping almost 4.8%. The Philadelphia Oil Service Sector index was up nearly 3.7%.

Among energy stocks moving on news:

(-) Ocean Power Technologies ( OPTT ) was down 1.9% after rising earlier. The company Thursday said it has received a new US patent for the Power Take-Off mechanical system used by its PB3 PowerBuoy to convert the linear movement of ocean waves into a rotary motion that produces electrical power. Overall, the company holds 47 active US patents and another 237 patents across 13 other countries.

In other sector news:

(+) Transocean ( RIG ) rose 5.9% on Thursday after Greenpeace ended its 12-day protest that began with environmental activists occupying a Transocean floating drillrig rented by BP plc ( BP ) heading for the Vorlich oilfield in the North Sea, media reported.

(+) Rignet ( RNET ) was little changed this afternoon, giving back an earlier gain from earlier in the session. The software company said it was partnering with Bardasz to offer their machine-learning and predictive analytic tools in the Mexican oil and natural market. Bardasz will provide additional operational support services around Rignet's Intelie software suite, particularly on real-time drilling services.

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: OPTT , RIG , BP , RNET



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