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Energy Sector Update for 02/20/2018: APC,TOT

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Top Energy Stocks

Energy stocks were moderately higher Tuesday, with the NYSE Energy Sector Index rising almost 0.4% while shares of energy companies in the S&P 500 were up nearly 0.3% as a group. Crude oil for April delivery was rising 70 cents to $62.38 per barrel in New York while the benchmark Brent crude April contract was falling 9 cents to $65.58 per barrel. March natural gas futures were up 7 cents at $2.63 per 1 million BTU. Among energy-related ETFs, United States Oil was up 1.1% while United States Natural Gas also was up more than 2.2%. The Philadephia oil-service sector index was up 0.7%.

Among energy stocks moving on news:

+ Anadarko Petroleum ( APC ) climbed more than 3% on Tuesday, topping out at $61.05 a share, after the oil and natural gas producer said its jointly owned Mozambique LNG1 Company Pte Ltd. has entered into a long-term sale and purchase agreement for liquefied natural gas with Electricite de France SA. The deal calls on Anadarko to supply the French utility with 1.2 million tons of LNG per year through 2033 from its Offshore Area 1 project in Mozambique. The project is co-owned by ENH Rovuma Area UM together with Mitsui E&P Mozambique Area1, ONGC Videsh, Beas Rovuma Energy Mozambique, BPRL Ventures Mozambique and PTTEP Mozambique Area 1.

In other sector news

+ Total S.A ( TOT ) has turned higher during Tuesday U.S. trade, one day after the French energy major said it was forming a joint venture in petrochemicals on the U.S. Gulf Coast with Borealis AG and Nova Chemicals Corp. Total will own 50% of the new entity while Nova and Borealis will own the remaining half. The joint venture will include an ethane steam cracker already under construction in Port Arthur, Texas as well as Total's existing polyethylene facility in Bayport, Texas and a new Borstar polyethylene unit at Bayport. The new project should be operational by 2020 and is expected to create about 1,500 jobs during peak engineering and construction activity.

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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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