Markets

Energy Sector Update for 06/28/2018: PFIE,EC

Top Energy Stocks

XOM +0.06%

CVX +0.40%

COP 0.00%

SLB +0.43%

OXY 0.00%

Energy stocks were rising in Thursday's pre-market. West Texas Intermediate crude oil for August delivery was slipping 1 cent to $72.75 per barrel in New York while the global benchmark Brent crude August contract was advancing 39 cents to $78.01 per barrel. July natural gas futures were a penny lower at $2.98 per 1 million BTU. Among energy-related ETFs, United States Oil was up almost 0.5% while United States Natural Gas was down nearly 0.5%.

In industry news:

Crude oil prices were little changed in recent trade, pausing after a more than 14% advance from last week's low. Data Wednesday showing an unexpectedly big draw-down on U.S. inventories, the Organization of the Petroleum Exporting Countries and Russia's underwhelming relaxation in agreed supply quotas, along with unplanned supply outages in Canada and Angola, have collectively underpinned prices.

Also, the Energy Information Administration will report U.S. natural gas supplies for the seven days through June 22 at 10:30 a.m. ET. Inventories rose 91 billion cubic feet during the previous week.

Among energy stocks moving on news:

- Profire Energy ( PFIE ) was dropping in early trade, sinking nearly 1%, after the oilfield-services company last night issued preliminary Q2 revenue results in a range of $11.0 million to $11.2 million, which it said will likely be its second-best quarter since December 2014 but still trailing the Capital IQ consensus looking for $12.9 million for the April-to-June reporting period. The company also said it expects its operating margins to be consistent with historic levels.

In other sector news

+ Ecopetrol SA ( EC ) was climbing in Thursday's pre-market trading , rising over 4%, after rating agency Standard & Poor's late Wednesday kept the company's long-term international rating steady at 'BBB-' with stable outlook and its stand-alone credit rating unchanged at 'BB+.' In reiterating its investment grade long-term rating, S&P cited the Colombian exploration and production company's "solid" financial results along with strengthened credit metrics as a result of capital discipline and efficiencies now in place at Ecopetrol. The rating agency also credits the positive performance of the company's downstream and midstream segments, with a particular emphasis on operating results at its Cartagena refinery during its recent stabilization stage.

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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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