Energy Sector Update for 04/08/2019: TELL,SES,PBR,CPE

Top Energy Stocks

XOM +0.48%

CVX 0.00%

COP +0.33%

SLB +2.23%

OXY +0.07%

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.

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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