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Energy Sector Update for 10/08/2018: PBR,LPG,BHGE,WTI


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Top Energy Stocks

XOM +0.37%

CVX -0.08%

COP -0.48%

SLB -0.81%

OXY -0.33%

Energy stocks were retreating during Monday trading, with the NYSE Energy index falling nearly 1.0% while the shares of energy companies in the S&P 500 were down just under 0.6% as a group. West Texas Intermediate crude oil for November delivery was slipping $0.42 to $73.92 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract was dropping $0.75 to $83.41 per barrel. November natural gas futures were soaring again, rising $0.12 to $3.27 per 1 million BTU. Among energy-related ETFs, United States Oil was falling over 0.5% while United States Natural Gas was soaring almost 3.7% higher. The Philadelphia Oil Services index was declining nearly 0.3%.

Among energy stocks moving on news:

(+) Petrobras' ( PBR ) American depositary shares jumped as much as 13% higher. Analysts at Bank of America Merrill Lynch and JPMorgan raised their ratings on the state-owned energy major. The company last week reported "a great result" in its extended well test on the Mero field, which is producing 58,000 barrels per day on average.

In other sector news

(-) Dorian LPG Ltd. ( LPG ) was down more than 5% Monday after BW LPG withdrew its merger offer, citing its "refusal to give a meaningful response" since BW made its proposal four months ago.

(-) Baker Hughes ( BHGE ) declined Monday, at one point falling 2.3%, after the oilfield-services company announced a strategic partnership with the Abu Dhabi National Oil Company and taking a 5% equity stake in its ADNOC Drilling subsidiary in exchange for $550 million. The deal values ADNOC Drilling at about $11 billion, including around $1 billion in net debt.

(-) W&T Offshore ( WTI ) dropped as much as 6.7% Monday after the oil and natural gas produer with operations in the Gulf of Mexico said late Friday that it priced a $625 million private placement of 9.75% senior second-lien notes due 2023 at par.

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: PBR , LPG , BHGE , WTI



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