Energy Sector Update for 09/17/2018: RDS.A,RDS.B,DOV,HMLP,LNG,TGA,TGL.TO,RKH.L

Top Energy Stocks

XOM +0.57%

CVX +0.18%

COP +0.78%

SLB -0.62%

OXY +0.31%

Energy stocks were hanging on to moderate gains Monday afternoon, with the NYSE Energy Sector Index Thursday rising slightly less than 0.2% while shares of energy companies in the S&P 500 also were up over 0.2% as a group. West Texas Intermediate crude oil for October delivery settled 8 cents lower at $68.91 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude November contract declined 19 cents to $77.90 per barrel. October natural gas futures rose 5 cents to $2.81 per 1 million BTU. Among energy-related ETFs, United States Oil fell over 0.3% while United States Natural Gas rose almost 1.4%. The Philadelphia Oil Service Sector index was down almost 0.6% today.

Among energy stocks moving on news:

(-) Royal Dutch Shell (RDS-A,RDS-B) still was trading fractionally higher Monday afternoon, drifting off a 1.5% mid-morning gain after the energy major on Saturday reportedly partnered with Malaysia's Petronas state-run oil-and-gas company to secure a $1 billion deep-water exploration license in Egypt's West Nile Delta. The Egyptian government signed a second exploration pact with another group of companies, including Dover Corp ( DOV ) along with LSE-listed Rockhopper Exploration (RKH.L) and Kuwait Energy, to work the Western Desert, Reuters reported, citing the Egyptian petroleum ministry.

In other sector news

(+) Cheniere Energy ( LNG ) was more than 1% higher on Monday after announcing a liquefied natural gas sale and purchase agreement with Vitol Inc. Under the deal, Vitol will purchase approximately 700,000 tons of LNG yearly from Cheniere on a free-on-board basis over the next 15 years beginning later this year. The price Vitol will pay will be indexed to the monthly Henry Hub price for natural gas, including a fee.

(+) Hoegh LNG Partners ( HMLP ) was fractionally higher Monday after Richard Tyrrell late Friday stepped down as chief executive and chief financial officer at the floating storage and regasification vessels company to take over business development activities for the Hoegh LNG Holdings Ltd. group of companies. Tyrrell was replaced as CEO and CFO by Steffen Foreid, who resigned from his seat on the partnership's board of directors.

(-) TransGlobe Energy (TGA,TGL.TO) was down more than 1% during Monday trading, recovering from a 2.5% decline earlier in the session that followed the Canadian oil and natural gas producer saying Ross Clarkson will retire as chief executive officer on Dec. 31. TransGlobe president Randall Neely will move up to replace Clarkson, the company added.

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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