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Energy Sector Update for 12/31/2018: GURE,ET,MEOH

Top Energy Stocks

XOM -0.22%

CVX -0.07%

COP +0.96%

SLB -2.82%

OXY +0.74%

Energy stocks were mixed Monday afternoon, with the NYSE Energy Sector Index climbing 0.1% in recent trading, while shares of energy companies in the S&P 500 were down fractionally as a group. West Texas Intermediate crude oil for February delivery was up 9 cents to $45.42 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude March contract still was advancing 34 cents to $53.55 per barrel. February natural gas futures were 26 cents lower at $3.04 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was rising 0.3%, while the United States Natural Gas fund was dropping 8%. The Philadelphia Oil Service Sector index was down 1.2%.

Among energy stocks moving on news:

(+) Gulf Resources ( GURE ) raced 28% higher at one point on Monday after the oil and natural gas producer said it has successfully completed the test production at its first natural gas well in China's Sichuan province and expects to begin trial production on Tuesday. The well is projected to initially produce between 3,000 to 5,000 cubic meters before gradually increasing production throughout the trial phase.

In other sector news:

(+) Energy Transfer LP ( ET ) was maintaining a nearly 3% advance on Monday after saying on Saturday that its 350-mile Mariner East 2 natural gas liquids pipeline was now available for both interstate and intrastate service.

(+) Methanex ( MEOH ) was edging higher this afternoon, overcoming a 1% decline earlier Monday, after Alembic Global Advisors cut its investment rating on the methanol producer to neutral from overweight.

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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