Energy Sector Update for 04/08/2020: KNOP, SSL, HFC, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +1.84%

CVX: +1.71%

COP: +1.80%

SLB: +3.04%

OXY: +2.24%

Energy giants were trading higher pre-market Wednesday. West Texas Intermediate crude oil was up $0.56 at $24.19 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.41 to $31.99 per barrel and natural gas futures were unchanged at $1.85 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 0.98% while the United States Natural Gas fund was 2.0% lower.

Moving stocks include:

(+) KNOT Offshore Partners (KNOP), which was gaining almost 20% in value after saying it has not experienced any material impact on operations from the COVID-19 pandemic since its regulatory filing on March 19 and that it is currently working to ensure business continuity despite market uncertainty caused by the global health crisis.

(+) HollyFrontier (HFC) was up more than 1% amid plans to cut its capital expenditures by about 15% to a range of $525 million to $625 million, from the prior guidance of $623 million to $729 million, because of the economic downturn caused by the COVID-19 pandemic.

(-) Sasol (SSL) was almost 3% lower after saying it expects liquid fuels sales volumes to be about 50 million to 51 million barrels for 2020, lower than the previous guidance range of 57 million to 58 million barrels because of the COVID-19 pandemic.

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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