Energy Sector Update for 02/14/2018: STNG,EQM,OAK,NPC.TO

A generic image of hands pointing to charts
Credit: Shutterstock photo

Top Energy Stocks

XOM -0.99%

CVX -0.67%

COP +2.44%

SLB -1.14%

OXY -1.86%

Energy stocks were narrowly mixed, with the NYSE Energy Sector Index slipping less than 0.1% while shares of energy companies in the S&P 500 were up more than 0.1% as a group. Crude oil for March delivery was rising 11 cents to $59.60 per barrel in New York while the benchmark Brent crude April contract was climbing 22 cents to $62.94 per barrel. March natural gas futures were unchanged at $2.59 per 1 million BTU. Among energy-related ETFs, United States Oil was up 0.5% while United States Natural Gas was down nearly 0.5%. The Philadephia oil-service sector index was up almost 0.4%.

In industry news:

The Energy Information Agency Wednesday morning reported a 1.84-million-barrel increase in U.S. crude oil inventories during the seven days ended Feb. 9. Industry experts polled by S&P Global/Platts had been expecting a 2.6-million-barrel build last week over prior-week levels. The rising supply followed the American Petroleum Institute late Tuesday saying crude inventories rose 3.9 million barrel last week.

Among energy stocks moving on news:

+ Scorpio Tankers ( STNG ) rose as much as 8% on Wednesday and touched a session high of $2.51 a share despite the company's reporting a wider-than-expected Q4 net loss and revenue trailing Wall Street estimates. Excluding one-time items, the petroleum shipping company recorded a $0.14 per share adjusted net loss during the three months ended Dec. 31, trimming an $0.18 per share loss during the year-ago period but missing the Capital IQ consensus expecting an $0.08 per share adjusted net loss. Revenue increased to $148.4 million from $106.1 million last year, also narrowly lagging the $148.9 million Street view.

In other sector news

- EQT Midstream Partners ( EQM ) declined Wednesday after analysts at Wolfe Research cut their investment recommendation to Peer Perform from Outperform.

+ Oaktree Capital Group ( OAK ) was narrowly higher Wednesday after the firm completed its $320 million purchase of Canadian oilfield-infrastructure company NAPEC (NPC.TO), paying C$1.95 for each NAPEC share. Following the deal closing, NAPEC shares will be delisted from the Toronto Stock Exchange later Wednesday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Other Topics


Latest Markets Videos


    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More