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Energy Sector Update for 10/03/2018: PBR,DNR,NBLX,NBL,VEDL,XOM

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Top Energy Stocks

XOM -0.42%

CVX +0.42%

COP +0.34%

SLB +1.21%

OXY -0.51%

Energy stocks outpaced other sectors on Wednesday, with the NYSE Energy Sector Index rising more than 0.7% while shares of energy companies in the S&P 500 also were up over 0.9% as a group. West Texas Intermediate crude oil for November delivery settled $1.18 higher at $76.41 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract advanced $1.33 to $86.13 per barrel. November natural gas futures rose another 6 cents today to $3.23 per 1 million BTU.

Among energy stocks move on news:

(+) Petroleo Brasileiro SA ( PBR ) still was nearly 3% higher in late Wednesday trading and the state-run energy major more commonly known as Petrobras again extending its recent gains ahead of Brazil's Oct. 7 national and state-level elections. Brazilians Sunday will elect a new president, vice president and the National Congress and Petrobras American depository shares have risen more than 15% since Sept. 25 through Tuesday's close as investors see the company continuing to move further away from the government scandals of previous administrations. The stock also has benefited from the sharp increase in crude oil prices in recent weeks.

In other sector news

(+) Denbury Resources ( DNR ) climbed to a new, 40-month high on Wednesday, rising slightly more than 9% to hit its best share price since May 2015 at $6.60 each, after analysts at Oppenheimer started coverage of the oil and natural gas company with an Outperform stock rating and a $9 price target.

(+) Noble Midstream Partners ( NBLX ) was almost 4% higher Wednesday afternoon, easing only slightly from its mid-day high that followed the company late Tuesday announcing plans for 50/50 joint venture on a crude oil pipeline and gathering system with privately held Salt Creek Midstream LLC in the Delaware Basin in western Texas. Corporate parent Noble Energy ( NBL ) is expected to contribute 180,000 dedicated acres to the joint venture while five other regional producers are slated for line-of-sight dedications totaling 100,000 acres.

(+) Vedanta ( VEDL ) was nearly 2% higher late in Wednesday trading, falling back from a nearly 4% gain that followed the CEO of the Indian natural resources company telling the Economic Times will soon its application to renew its license to produce oil from the Barmer block in India's Rajasthan province. Vedanta won the original 25-year license to the exploration block in 1995, and under the government's revised renewal policy, contractors have to apply for renewals two years before the scheduled expiration of those licenses.

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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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PBR VEDL DNR NBL NBLX

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Energy