Markets

Energy Sector Update for 12/24/2018: HYGS,RDC,ENB

Top Energy Stocks

XOM, -3.55%

CVX, -2.59%

COP , -4.15%

SLB, -1.29%

OXY, -4.13%

Energy stocks were sharply lower, with the NYSE Energy Sector Index falling almost 2.6%, while shares of energy companies in the S&P 500 were down nearly 3.1% as a group. West Texas Intermediate crude oil for February delivery was slipping $1.23 to $44.36 per barrel at the New York Mercantile Exchange, while the global benchmark Brent crude February contract was declining $1.29 to $52.53 per barrel. January natural gas futures were 28 cents lower at $3.54 per 1 million BTU. Among energy-related ETFs, United States Oil was falling more than 2.2%, while United States Natural Gas was dropping 2.6%. The Philadelphia Oil Service Sector index was down over 1.4%.

Among energy stocks moving on news:

(-) Hydrogenics ( HYGS ) was narrowly lower in late Monday trade, giving back an advance earlier in the shortened session. The hydrogen fuel-cell company on Friday announced a $20.5 million subscription agreement with an Air Liquide subsidiary for the sale of 3.5 million of its common shares at about $5.80 apiece. Following the transaction, Air Liquide will own almost 19% of Hydrogenics.

In other sector news:

(+) Rowan Companies ( RDC ) was little changed this afternoon, recovering from an early 4% decline after the oilfield-services company said it was selected for a 180-day contract in Trinidad for its Ralph Coffman harsh environment jack-up rig. The contract is expected to begin in April.

(-) Enbridge ( ENB ) slipped almost 5% on Monday after DFL Gov. Mark Dayton late Friday said his administration was appealing the decision by the Minnesota Public Utilities Commission approving the company's controversal Line 3 oil pipeline replacement project through the northern portion of the state.

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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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