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Energy Sector Update for 04/17/2019: NNA,EQNR,TOT,BP

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Top Energy Stocks

XOM +0.44%

CVX -0.11%

COP +0.85%

SLB +0.19%

OXY -0.05%

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.

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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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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