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Energy Sector Update for 12/21/2018: PBR,UPL,VET,VET.TO,MRO

Top Energy Stocks

XOM -1.29%

CVX -1.41%

COP -1.25%

SLB -2.35%

OXY -1.58%

Energy stocks lost more ground this afternoon, with the NYSE Energy Sector Index Friday falling 1.0%, while shares of energy companies in the S&P 500 dropped over 1.7% as a group. West Texas Intermediate crude oil for February delivery settled 29 cents lower at $45.59 per barrel, while the global benchmark Brent crude February contract declined 78 cents to $53.57 per barrel. January natural gas futures rose 23 cents to $3.82 per 1 million BTU. Among energy-related ETFs, the United States Oil fund also slid about 1.7% although the United States Natural Gas fund put up a more than 0.6% advance. The Philadelphia Oil Service Sector index fell 2.3%.

Among energy stocks moving on news:

(-) Petrobras' ( PBR ) American depository shares were set to close about 2% lower after the Brazilian Supreme Court Friday issued an injunction suspending the proposed sale of $27 billion in assets by the state-run energy major. Earlier Friday, the company's stock climbed almost 2% following reports it had suspended all oil and fuels trading with Trafigura AG, Glencore plc and Vitol SA in the wake of allegations the commodity traders paid over $30 million in bribes to Petrobras employees between 2011 to 2014 in exchange for discounted oil and lower storage costs.

In other sector news:

(-) Ultra Petroleum ( UPL ) spiked 19% out of the gate, only to fall almost 5% late in Friday trading, after saying it expects to close on transactions before the end of the year that will reduce long-term debt at the oil and natural producer by at least $235 million.

(-) Vermilion Energy ( VET ) declined almost 2% on Friday after the Canadian exploration and production company completed its acquisition of Shell E&P Ireland Ltd as well as a 1.5% working interest in the Corrib natural gas project in Ireland from an affiliate of the Canada Pension Plan Investment Board.

Analyst Actions:

(-) Marathon Oil Corp ( MRO ) was slightly lower Friday afternoon after Citigroup raised its investment recommendation on the energy major's shares to buy from neutral.

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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