Top Energy Stocks
Energy stocks rallied this afternoon amid a more than 20% surge Thursday in crude oil prices. At last look, the NYSE Energy Sector Index was climbing 6.7% while the SPDR Energy Select Sector ETF was up 14%. Front-month West Texas Intermediate crude oil was rising $4.89 to $25.15 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was advancing $5.82 to $30.56 per barrel. Natural gas futures were 3 cents lower at $1.54 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was ahead 19.2% while the United States Natural Gas fund was sliding 2.3%. The Philadelphia Oil Service Sector index was posting a 9.4% gain.
Among energy stocks moving on news:
(+) Apache (APA) raced almost 17% higher after Thursday announcing a significant discovery at its 50%-owned Sapakara West-1 well offshore Suriname. The well was drilled by the Noble (NE) Sam Croft, with preliminary tests indicating net pay of at least 79 meters of oil and gas condensate in two intervals. Total SA (TOT) holds the remaining working interest in the well.
In other sector news:
(+) Ion Geophysical (IO) climbed over 123% after the seismic services company forecast Q1 revenue exceeding Wall Street estimates by a wide margin. The company said it was expecting between $56 million to $57 million in revenue during the three months ended March 31 compared with the two-analyst mean looking for $38.87 million.
(+) ProPetro (PUMP) climbed 33% after the oilfield services company reported a decline in Q1 revenue to $434.8 million from $541.8 million during the year-ago period but still beating the $414.3 million analyst mean for the three months ended Dec. 31.
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