Energy Sector Update for 10/18/2018: OIS,LPI,SM

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Energy stocks were falling Thursday afternoon, with the NYSE Energy Sector Index dropping almost 0.7% while shares of energy companies in the S&P 500 were down just under 0.3% as a group. West Texas Intermediate crude oil for November delivery was falling 44 cents to $69.31 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract was declining 38 cents to $79.67 per barrel. November natural gas futures were 7 cents lower at $3.25 per 1 million BTU. Among energy-related ETFs, United States Oil was declining almost 1.1% while United States Natural Gas was posting a nearly 2.1% retreat. The Philadelphia Oil Service Sector index also was down more than 2.9%.

In industry news:

The Energy Information Administration Thursday said U.S. natural gas inventories grew by 81.0 billion cubic feet to 3.04 trillion cubic feet in the week ended Oct. 12, marking the 25th week in a row national supplies have climbed during the current injection season. Last week's rise marked a 10% decline from the 90-billion cubic foot increase reported during the prior week-long period and also trailed the S&P Global Platts consensus view.

Among energy stocks moving on news:

(-) Oil States International ( OIS ) fell about 9% on Thursday after saying it is expecting to report a $4 million Q3 operating loss. The consensus forecast was for earnings of $0.04 per share.

In other sector news

(-) Laredo Petroleum ( LPI ) declined Thursday, at one point falling more than 5%. Late Wednesday it said it has has promoted T. Karen Chandler, its vice president for operations, to chief operating officer. Chandler joined Laredo in 2012.

(-) SM Energy Company ( SM ) fell 3.4% on Thursday. The company said it produced 12 million barrels of oil equivalent during the three months ended Sept. 30, exceeding the high end of guidance range expecting between 11.2 million to 11.7 million barrels for the quarter.

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: OIS , LPI , SM

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