Markets

Energy Sector Update for 12/28/2018: RIG, RDS.A, PBR, CVX, XOM, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.30%

CVX: +0.20%

COP: +0.67%

SLB: +0.47%

OXY: +0.81%

Energy stocks were gaining in Friday's pre-market trading . West Texas Intermediate crude oil for February delivery was up $0.63 to $45.24 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude February contract gained $0.15 to $52.31 per barrel and February natural gas futures were down 19 cents at $3.35 per 1 million BTU.

Stocks moving on news include:

(+) Transocean ( RIG ), which was up more than 4% after it signed a rig design and construction contract and a five-year drilling contract with Chevron ( CVX ) for a drillship under construction in Singapore.

In other sector news:

(+) Royal Dutch Shell's ( RDS.A ) was up more than 1% after it said its Argentine unit will commence full-scale development of unconventional oil fields in the Vaca Muerta basin as the energy major bets on shale play to boost oil and natural gas production in the South American country.

(+) Petroleo Brasileiro ( PBR ) was marginally higher after it reported that its total production of oil and gas, including natural gas liquids, was 2.62 million barrels of oil equivalent per day (boe/d) in November compared to 2.66 million boe/d in the previous month, which is a 2% decline in output.

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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