Markets

Energy Sector Update for 10/10/2018: ENB,ENB.TO,EOG,TALO,OBE

Top Energy Stocks

XOM -1.86%

CVX -2.91%

COP -5.10%

SLB -3.60%

OXY -4.90%

Energy stocks were finishing near their session lows, with the NYSE Energy Sector Index falling almost 2.8% while shares of energy companies in the S&P 500 were down slightly more than 3.0% as a group. West Texas Intermediate crude oil for November delivery settled $1.79 - or over 2% - lower at $73.17 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract declined $2.06 to $82.86 per barrel. November natural gas futures rose 2 cents to $3.28 per 1 million BTU. Among energy-related ETFs, United States Oil dropped nearly 2.7% while United States Natural Gas was dropping almost 0.7% gain, reversing a small mid-day gain. The Philadelphia Oil Service Sector index plunged over 5.0% today.

Among energy stocks moving on news:

(-) Enbridge (ENB,ENB.TO) slumped Wednesday, sliding nearly 3%, after its Westcoast Transportation System natural gas pipeline in central British Columbia ruptured and caught fire late Tuesday. There were no reported injuries although around 100 members of the Lheidli T'enneh First Nation tribe living within a few kilometers of the blast site were temporarily evacuated as a precaution. The cause of the rupture still was being investigated.

In other sector news

(-) Talos Energy ( TALO ) slipped almost 1% lower on Wednesday, falling off a small opening gain that followed reports a consortium led by the oil and natural gas producer is mulling a partnership with Mexican state-run energy company Pemex to jointly develop the Zama project in the southern section of the Gulf of Mexico.

(-) Obsidian Energy ( OBE ) dropped over 1% despite saying it was on track for a "meaningful" increase in light oil production next year from its Willesden Green Cardium program in western Alberta.

(-) EOG Resources ( EOG ) dropped over 3% on Wednesday after saying it is expecting to record a $52.1 million non-cash loss against its Q3 financial results on the mark-to-market of its financial commodity derivative contracts.

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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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