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

Shutterstock photo

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.

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

This article appears in: Investing , Energy
Referenced Symbols: OPTT , RIG , BP , RNET

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?