Energy

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.

In This Story

RCON BP CNX

Latest Energy Videos

    The State of Offshore Wind Power in the US and if It’s on the Way to Meeting Energy Goals

    Marmen Welcon Senior Representative Vincent Trudel discusses the state of offshore wind power in the US and if it’s on the way to meeting energy goals.

    Sep 10, 2021

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More