Markets

Energy Sector Update for 09/14/2018: SAEX,NI,VEDL,SMLP

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Top Energy Stocks

XOM +0.77%

CVX +0.95%

COP +1.44%

SLB +0.50%

OXY +1.62%

Energy stocks added to their earlier gains this afternoon, with the NYSE Energy Sector Index Thursday rising almost 0.4% while shares of energy companies in the S&P 500 were up slightly more than 0.6% as a group. West Texas Intermediate crude oil for October delivery settled 40 cents higher at $68.99 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude November contract sliped 4 cents to $78.14 per barrel. October natural gas futures fell 5 cents to $2.77 per 1 million BTU. Among energy-related ETFs, United States Oil climbed slightly more than 0.1% while United States Natural Gas dropped over 1.5%. The Philadelphia Oil Service Sector index was up more than 0.4% today, reversing an earlier decline.

Among energy stocks moving on news:

(-) SAExploration Holdings ( SAEX ) dropped to a record low, falling over 19% to a worst-ever 41 cents a share after Friday saying it has executed on a 20-to-1 reverse split of its outstanding common stock, which will begin trading on a split-adjusted basis when the market opens on Monday, Sept 17. Shareholders on August 14 authorized the SAexploration board to conduct a reverse stock split at its discretion.

In other sector news

(+) Vedanta ( VEDL ) rose as much as 3% on Friday after the Indian natural resources company announced a hydrocarbon discovery in a well in the Krishna-Godavari Basin on India's eastern coast. Vedanta holds 100% participating interest in the KG-OSN-2009/3 block. The A3-2 well encountered multiple reservoir zones between 3,351 to 3,944 meters deep indicating hydrocarbon during drilling and formation evaluations, the company said.

(-) Summit Midstream Partners ( SMLP ) was narrowly lower this afternoon after extending the open season for its Double E natural gas pipeline connecting the northern Delaware Basin to the Waha Hub in western Texas for an additional two weeks until Sept. 28.

(-) NiSource ( NI ) dropped almost 11% at one point on Friday after pipelines in the Merrimack Valley north of Boston owned by the natural gas and electricity utility were ignited in a series of explosions Thursday afternoon, killing one young adult, injuring another two dozen people and forcing the evacuation of 8,000 buildings in Lawrence, Andover and North Andover, Mass. According to media reports, NiSource's Columbia Gas subsidiary had been upgrading its equipment in the state on Thursday but it was unclear whether the company had been working on lines in the area when the explosions happened just before 5 p.m. ET.

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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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