Top Energy Stocks
Energy stocks were narrowly mixed, with the NYSE Energy Sector Index rising just over 0.1% while shares of energy companies in the S&P 500 were up about 0.1% as a group. West Texas Intermediate crude oil for August delivery was rising 59 cents to $56.84 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract was advancing $1.04 to $63.44 per barrel. August natural gas futures were 4 cents higher at $2.28 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was climbing 0.6% while the United States Natural Gas fund was posting a more than 1.66% gain. The Philadelphia Oil Service Sector index was down almost 0.2%.
Among energy stocks moving on news:
(+) TC Energy Corp ( TRP ), formerly TransCanada, rose more than 2% after American utility company UGI Corp ( UGI ) late Tuesday said it was buying midstream assets in the Appalachian basin from TC Energy's Columbia Midstream Group subsidiary for $1.28 billion in cash, subject to closing adjustments. The deal includes five gathering systems carrying around 2.68 million BTUs per day and is expected to close before the end of the year.
In other sector news:
(+) Eni SpA ( E ) climbed just under 1% after the Italian energy major Wednesday announced it won exploration and production rights to Block WB03 in Tano Basin offshore of Ghana. Eni will be the license operator and will be joined in the joint venture by Dutch energy and commodities trader Vitol and the Ghana National Petroleum Corp along with another Ghana-based company that will be identified as the contract is finalized.
(-) Baker Hughes ( BHGE ) retreated Wednesday, falling 0.4%, after the oilfield-services company reportedly signed a memorandum of understanding with Bahrain's National Oil & Gas Holding Co. The tentative contract calls on Baker Hughes to identify opportunities and improve efficiency levels supporting the kingdom's economic growth, Reuters said.