Energy Sector Update for 04/17/2019: EQNR, BP, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.62%

CVX: +0.35%

COP: +0.20%

SLB: +0.60%

OXY: +0.68%

Energy giants were higher in pre-market trading Wednesday. West Texas Intermediate crude oil for May delivery was up $0.28 at $64.33 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude June contract gained $0.32 to $71.95 per barrel and May natural gas futures were 2 cents lower at $2.55 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.30%, while the United States Natural Gas fund was 1.50% lower.

In other sector news:

(+) Equinor (EQNR) was 1% higher after the company won rights to explore seven blocks offshore Argentina and to run production operations at five of them.

(+) BP (BP) is raising its US onshore upstream spending to a range of $2 billion to $2.5 billion this year from $1 billion last year, Argus Media reported, citing a company official. BP was slightly gaining after the news.

(+) Venezuelan opposition leader Juan Guaido is seeking to annul an $8.7 billion arbitration award to ConocoPhillips (COP) as he attempts to preserve foreign assets, Reuters reported. ConocoPhillips was recently advancing marginally.

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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