Top Energy Stocks
Energy stocks were sharply higher, with the NYSE Energy Sector Index climbing almost 1.0% while shares of energy companies in the S&P 500 were up more than 1.2% as a group. Crude oil for February delivery was rising $1.20 to $61.57 per barrel while February natural gas futures were down 8 cents at $2.98 per 1 million BTU. Among energy-related ETFs, United States Oil was up nearly 1.7% while United States Natural Gas was down 1.8%. Also, the Philadephia oil-service sector index was up more than 2.8% today.
In industry news:
Action Economics said that there is now a market narrative that crude prices have overshot to the upside, especially with signs of fresh US production likely to be evident over the coming weeks. Also, the American Petroleum Institute will report its stockpiles survey Wednesday following the market close, with the Energy Information Administration's weekly inventory report due out Thursday at 10:30 am ET.
Among energy stocks moving on news:
+ Andeavor ( ANDV ) was moderately higher Wednesday, easing somewhat from a nearly 2% advance to a new record high of $117.01 a share, after the petroleum refinery and logistics company said it is buying 100% of the equity stock in Rangeland Energy II LLC for an undisclosed sum. Rangeland owns and operates crude oil and natural gas assets in the Delaware and Midland basins in Texas, including a recently constructed crude oil pipeline as well as three crude oil storage terminals and a frac sand storage and truck-loading facility.
In other sector news:
+ Valero Energy was higher Wednesday after analysts at Credit Suisse began coverage of the company with a Neutral investment recommendation and a $91 price target.
+ EnLink Midstream ( ENLC ) gained after Wednesday morning promoting chief financial officer Michael Garberding to be its new chief executive, succeeding Barry Davis, who is becoming executive chairman of the company's board of directors. The company also has also hired Eric Batchelder to be CFO, joining EnLink from RBC Capital Markets.
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