Energy Sector Update for 04/27/2020: RCON, BP, CNX

Energy stocks were mostly higher this afternoon, overcoming a more than 28% dip in the price of domestic crude oil amid more worries over storage issues. At last look, the NYSE Energy Sector Index climbing near 2%% while the SPDR Energy Select Sector ETF was up 2.5%.

Front-month West Texas Intermediate crude was dropping $3.90 to $13.05 per barrel while the global benchmark Brent crude contract was declining $1.10 to $20.04 per barrel. Natural gas futures were slightly higher at $1.82 per 1 million BTU.

In company news, Recon Technology (RCON) rose almost 18% after the Chinese oilfield-services firm Monday said its Future Gas Station Technology unit earlier this month signed a joint operation agreement with the China Petroleum Planning and Engineering Institute to operate the DT Refuel mobile application for customers in Zhejiang.

BP (BP) gained almost 4% amid revised the terms for the sale of its Alaskan business to Hilcorp, though the $5.6 billion price tag on the deal remains unchanged. The company said the structure and phasing of payments have been "modified," according to a statement, and that the transaction is still expected to be completed by mid-2020.

CNX Resources (CNX) rose 16% after the natural gas producer Monday reported an increase in Q1 revenue to $416.4 million during the three months ended March 31, up from $278.4 million during the same quarter last year and beating the three-analyst consensus call expecting $407.2 million in revenue, according to Capital IQ.

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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