Markets

Energy Sector Update for 08/07/2018: SN,BCEI,XOM

Top Energy Stocks

XOM +1.67%

CVX +0.95%

COP +2.44%

SLB +1.76%

OXY -0.1%

Energy stocks were sharply higher Tuesday, with the NYSE Energy Sector Index Thursday rising over 0.9% while shares of energy companies in the S&P 500 were up just under 1.2% as a group. West Texas Intermediate crude oil for September delivery was ahead 22 cents to $69.23 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was advancing 69 cents to $74.44 per barrel. September natural gas futures were 3 cents higher at $2.89 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing almost 0.7% while United States Natural Gas was advancing more than 1.3%. The Philadelphia Oil Service Sector index was up nearly 1.0%.

In industry news:

The American Petroleum Institute reports industry estimates of crude and refined oil product inventories for the seven days ended August 3 at 4:30 pm ET. Expectations are for a drop of 3.367 million barrels in crude supplies last week along with a 1.433 million barrels drop in gasoline supplies and a 100,000 barrels decline in distillates. On Wednesday, the Energy Information Administration will release official data at 10:30 am ET.

Among energy stocks moving on news:

- Sanchez Energy Corp ( SN ) was sinking Tuesday, recently dropping almost 30%, after the oil and natural gas producer reported an adjusted net loss of $20.9 million compared with an adjusted $15.9 million net loss during the year-ago period. The company did not provide per-share earnings. Revenue rose during the three months ended June 30 to $259.3 million from $175.7 million, topping the $250.6 million Street view.

In other sector news:

+ Bonanza Creek Energy ( BCEI ) was nearly 2% higher this afternoon after selling about 11,000 net acres in the Cotton Valley formation in Texas to an unidentified buyer for about $117 million. The properties are estimated to contain proved reserves of about 12 million barrels of oil equivalent and were producing about 3,000 barrels per day during the three months ended March 31.

+ Exxon Mobil ( XOM ) climbed almost 1% on Tuesday following reports it is nearing a discovery of large oil reserves in Pakistan near its border with Iran. Abdullah Hussain Haroon, Pakistan's minister for maritime affairs and foreign affairs told the Federation of Pakistan Chambers of Commerce and Industry the US energy major was optimistic about the find, believing the new reserves could even be larger than those in Kuwait, which had about 101.5 billion barrels of total proved oil reserves of at the end of 2017, according to oilprice.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BCEI XOM

Other Topics

Energy

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More