Energy Sector Update for 04/17/2019: NNA,EQNR,TOT,BP
Top Energy Stocks
Energy stocks were mostly higher this afternoon, with the NYSE Energy Sector Index climbing 0.5% while shares of energy companies in the S&P 500 were up 0.4% as a group. West Texas Intermediate crude oil for May delivery was falling 8 cents to $63.97 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude June contract was advancing 3 cents to $71.75 per barrel. May natural gas futures were 5 cents lower at $2.53 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling 0.3% while the United States Natural Gas fund was dropping 2%. The Philadelphia Oil Service Sector index was up about 0.5%.
Among energy stocks moving on news:
(-) Navios Maritime Acquisition Corp (NNA) fell 6% on Wednesday after saying it has completed a $103.2 million sale and leaseback transaction for three MR2 product tankers along with two LR1 product tankers. Net proceeds from the transactions were used to refinance around $82.4 million of bank debt and Navios will be required to repurchase the five vessels in seven years for $39.7 million.
In other sector news:
(+) Equinor (EQNR) climbed almost 2% the Norwegian energy major submitted the winning bids for five offshore exploration blocks near Argentina as operator in addition to participating in two other winning bids with YPF and Total (TOT), respectively.
(+) BP (BP) was narrowly higher after saying it was more than doubling its onshore upstream spending in the United States, raising it to a range of $2 billion to $2.5 billion this year from $1 billion last year, according to an Argus Media report, citing a company official.
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