Energy Sector Update for 07/09/2019: MR,EPD,TOT

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Energy stocks were edging higher this afternoon, with the NYSE Energy Sector Index climbing 0.1% while shares of energy companies in the S&P 500 also were up almost 0.1% as a group. West Texas Intermediate crude oil for August delivery was rising 21 cents to $57.87 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract was advancing 18 cents to $64.29 per barrel. August natural gas futures were 2 cents higher at $2.42 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead 0.5% while the United States Natural Gas fund was posting a more than 0.9% gain. The Philadelphia Oil Service Sector index was down 0.7%.

Among energy stocks moving on news:

(+) Montage Resources Corp ( MR ) was 2% higher on Tuesday, recovering from a brief decline soon after the opening bell. The oil and natural gas producer said it will be drilling only one more new well this year, halving its prior plan, although it was still expecting a 20% increase in FY19 production over prior-year levels to around 520 million to 540 million cubic feet of natural gas equivalent per day.

In other sector news:

(+) Enterprise Products Partners LP ( EPD ) was fractionally higher, bouncing back from a narrow decline, after declaring a Q2 distribution of $0.44 per common unit, up about 0.5% compared with its Q1 payout of $0.438 per unit and 2.3% above the pipeline company's distribution during the year-ago period. The upcoming distribution is payable August 13 to investors of record on July 31.

(-) Total SA ( TOT ) was narrowly lower after Danish authorities issued a $75,000 fine to the French energy company following a chemical discharge into the North Sea by the company's Maersk Oil subsidiary two years ago, Reuters said, citing a local broadcaster.

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This article appears in: Investing , Energy
Referenced Symbols: MR , EPD , TOT

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