Top Energy Stocks
Energy stocks drifted off their earlier high-water marks, with the NYSE Energy Sector Index advancing over 0.5% while shares of energy companies in the S&P 500 were up almost 0.3% as a group. West Texas Intermediate crude oil for May delivery settled $1.32 higher at $64.40 per barrel in New York while the global benchmark Brent crude June contract climbed 71 cents to $71.05 per barrel. May natural gas futures rose 4 cents to $2.71 per 1 million BTU. Among energy-related ETFs, the United States Oil fund added more than 1.8% in value while the United States Natural Gas fund was ahead more than 1.5%. The Philadelphia Oil Service Sector index was up juar over 0.5%.
Among energy stocks moving on news:
(+) Tellurian (TELL) turned slightly higher this afternoon, reversing a more than a 3% decline. The company Monday began a binding open season for its proposed Permian Global Access pipeline project running between the Waha hub in western Texas and a prospective liquefied natural gas export facility near Lake Charles, La. Construction on the 42-inch pipeline is expected to begin in 2021 and coming on line two years later with a capacity of 2 billion cubic feet per day.
In other sector news:
(+) Synthesis Energy Systems (SES) climbed 4% on Monday after the waste-to-fuel company announced a technology purchase option agreement to sell its 36% share of Synthesis Energy Systems Technologies to the subsidiary's majority owner, Australian Future Energy Pty Ltd for $5.8 million in cash payable in several tranches over five years.
(+) Petrobras (PBR) was up nearly 3% after the Brazilian energy major said a consortium led by French energy utility ENGIE made the winning bid for a 90% share of its Transportadora Associada de Gas subsidiary, offering $8.6 billion for the natural gas pipeline company.
(+) Callon Petroleum (CPE) rose about 1% after the oil and natural gas company early Monday filed a registration statement for a mixed securities offering of common and preferred stock, depositary shares, debt securities and warrants to buy additional shares.
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