Top Energy Stocks
Energy stocks were sharply higher today, with the NYSE Energy Sector Index adding more than 1.0% in value while shares of energy companies in the S&P 500 were up over 0.9% as a group. Crude oil for January delivery settled 14 cents lower at $57.16 per barrel while January natural gas futures were rose 13 cents to $2.75 per 1 million BTU. Also, the Philadephia Oil-Service Sector Index index ( OSX ) was ending 2.8% higher.
Among energy stocks moving on news today:
Tellurian ( TELL ) was fractionally lower in late Monday trading, trimming its prior decline by roughly half, after the oil and natural gas pipeline company today disclosed additional plans for a new pipeline network in Texas and Louisiana to meet growing demand for natural gas in the region. The proposed Permian Global Access Pipeline would span about 625 miles between gasfieldz in the Permian Basin and processing facilities in Corpus Christi, Texas. The company also is looking to build the 200-mile-long Haynesville Global Access Pipeline, which also would transport up to 2 billion cubic feet of gas daily. Both 42-inch diameter pipelines would be capable of carrying around 2 billion cubic feet of natural gas per day.
In other sector news:
+ Teekay Offshore Partners ( TOO ) Monday said it has completed an upgrade of the Petrojarl I floating production, storage and offloading vessel, which will be chartered over the next five years beginning before March 2018 in the Atlanta Field off the coast of Brazil.
+ Norwegian energy major Statoil rose after today buying a 25% stake in Petrobras' ( PBR ) Roncador field in Brazil's Campos Basin for an initial payment of $2.35 bln. The Brazilian energy major also is eligible for up to $550 mln in additional payments from Statoil.
- Holly Energy Partners LP ( HEP ) declined Monday, sinking to a session low of $32.20 per unit, after analysts at Goldman Sachs today lowered their investment call for the company's stock to Sell from Neutral.
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