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Energy Sector Update for 03/06/2019: BTE, SNP, LNG, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: -1.56%

CVX: -0.22%

COP: +0.29%

SLB: -0.42%

OXY: Flat

Energy giants were trading lower pre-bell Wednesday. West Texas Intermediate crude oil for April delivery was down by $0.53 to $56.03 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude May contract lost $0.16 to $65.70 per barrel and April natural gas futures were 2 cents lower at $2.86 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 0.76% while the United States Natural Gas fund was declining 0.75%.

In other sector news:

(=) Baytex Energy ( BTE ) was down 0.6% as it swung to a net loss per diluted share of CAD0.42 ($0.31) for Q4, from net income per diluted share of CAD0.32 for the same period last year. Analysts were looking for net loss per diluted share of only CAD0.04.

(=) China Petroleum and Chemical Corp. ( SNP ), which trades as Sinopec, is planning to sign a 20-year liquefied natural gas supply agreement with Cheniere Energy ( LNG ) once China and the US mend their trade relations, Reuters reported, citing industry sources. China Petroleum and Chemical was flat after the news, while Cheniere was slightly higher.

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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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