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Energy Sector Update for 07/02/2018: CLB,HAL,TTI,BKEP,FTI,TOT


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Energy stocks were retreating Monday, with the NYSE Energy Sector Index falling more than 1.3% in the afternoon while shares of energy companies in the S&P 500 were down over 1.4% as a group. West Texas Intermediate crude oil for August delivery was slipping 51 cents to $73.64 per barrel in New York while the global benchmark Brent crude September contract was declining $1.42 to $77.81 per barrel in its first session as the front-month contract. August natural gas futures were falling 7 cents, or over 2%, to $2.85 per 1 million BTU. Among energy-related ETFs, United States Oil was dropping just 0.2% while United States Natural Gas also was down over 1.9%. The Philadelphia Oil Service index was dropping nearly 2.9%.

In industry news:

Oil prices were lower in mid-day trading, pausing Monday after four straight days of gains that carried the front-month contract to strong weekly, monthly, quarterly and first-half 2018 gains as long-running efforts by OPEC, anticipated increases in demand and supply disruptions combined to thrust prices higher. August West Texas Intermediate rose just over 8% last week on the New York Mercantile Exchange, settling Friday at $74.15 a barrel, extending its June advance to almost 11% and its Q2 advance to more than 14%, according to data compiled by WSJ Market Data Group. Year to date, US crude was up by almost 23% as it starts the second half of 2018 while Brent crude climbed 18.8% this year through Friday's close.

Among energy stocks moving on news,

- Core Laboratories ( CLB ) tumbled Monday, at one point sinking over 13%, after the reservoir services company late Friday pared its Q2 earnings forecast by $0.07 per share from its previous guidance to a new range of $0.57 to $0.59 per share. It also lowered its Q2 revenue outlook to a new range of $174 million to $175 million from its prior range of $177 million to $179 million. Analysts, on average, are looking earnings of $0.64 per share on $175 million in revenue. Its Q3 profit outlook also lags the $0.75 per share Street view by at least $0.09 per share.

In other sector news

- Halliburton Co ( HAL ) was falling almost 1% in recent Monday trading, halving an earlier 2% decline that followed the oilfield-services company signing a well construction-services agreement for all OKEA fields on the Norwegian continental shelf. The five-year base contract has two, two-year extension options, and also calls for the oilfield-services giant to use its Landmark's software suite in the iEnergy cloud in addition to providing field development planning services for OKEA. Separately, Halliburton Monday said it signed a joint-marketing agreement for the sale and distribution of TETRA Technologies' ( TTI ) family of TETRA CS Neptune completion fluids.

- Blueknight Energy Partners ( BKEP ) has been stymied several times during Monday trading in a bid to reclaim a 3% gain soon after the opening bell that follwed the company late Friday saying it has agreed to sell three asphalt terminals in Lubbock and Saginaw, Texas, and Memphis, Tenn., to Ergon Asphalt & Emulsions for $90 million in cash. Net proceeds from the will be used to pay debt under the company's credit facility.

- TechnipFMC ( FTI ) was down about 3% on Monday despite saying it has received a contract from Total (TOT) for its Zinia phase II field development project offshore of Angola. The award includes engineering, procurement and construction of subsea equipment as well as related support services. Financial terms were not immediately disclosed.

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: CLB , HAL , TTI , BKEP , FTI



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