Energy Sector Update for 06/27/2019: ENB,ENB.TO,WTI,TRP,TRP.TO,PTEN

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Top Energy Stocks

XOM -0.96%

CVX -0.76%

COP -2.85%

SLB +0.10%

OXY -1.44%

Energy stocks turned sharply lower this afternoon, with the NYSE Energy Sector Index falling slightly more than 0.9% while shares of energy companies in the S&P 500 were down nearly 0.9% as a group, giving back a small mid-day gain. West Texas Intermediate crude oil for August delivery settled 5 cent highers at $59.43 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract declined 20 cents to $65.49 per barrel. August natural gas futures rose 6 cents to $2.32 per 1 million BTU.

Among energy stocks moving on news:

(+) Enbridge ( ENB ) was over 1% higher on Thursday after the state of Michigan filed suit seeking to force the Canadian company to decommission its aging Line 5 pipeline running under Lake Michigan, arguing the easement the company received in 1953 to carry crude oil through the dual pipelines under the Mackinac Straits violates state environmental laws as well as the public trust doctrine. Michigan Attorney General Dana Nessel Thursday also filed a motion to dismiss Enbridge's June 6 lawsuit trying to enforce an agreement with former Gov. Rick Synder shortly he left office the company believes will allow it to dig a tunnel under Lake Michigan and continue operating Line 5.

In other sector news:

(+) W&T Offshore ( WTI ) rose almost 1% after Thursday saying it was acquiring ExxonMobil Corp.'s ( XOM ) interests and operating rights in nine oil and natural gas fields offshore from Alabama in the Gulf of Mexico for $200 million. The transaction also includes an onshore treatment facility immediately adjacent to properties already owned and operated by W&T.

(+) TC Energy ( TRP ) still was narrowly higher this afternoon after the Canadian company Thursday began contracting for space on its Keystone pipeline. The company did not say how much space is available on the 590,000 barrel per day pipeline connecting Alberta and the Texas Gulf Coast. The open season will run through July 19, it said.

(-) Patterson-UTI Energy ( PTEN ) fell over 3% on Thursday after Wells Fargo lowered its stock rating for the contract driller to market perform from outperform previously.

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: ENB , WTI , XOM , TRP , PTEN

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