Energy Sector Update for 05/24/2019: PTR,SHLX,TOT,OXY,EMES

Top Energy Stocks

XOM +0.41%

CVX +0.77%

COP +0.91%

SLB -1.17%

OXY +1.07%

Energy stocks were higher in late trading with the NYSE Energy Sector Index climbing over 0.5% while shares of energy companies in the S&P 500 were up more than 0.3% as a group. West Texas Intermediate crude oil for July delivery rose 72 cents to $58.50 per barrel while the global benchmark Brent crude July contract advanced $1.11 to $68.87 per barrel. June natural gas futures rose 2 cents to $2.60 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead more than 1% while the United States Natural Gas fund was climbing nearly 0.9%. The Philadelphia Oil Service Sector index was down 1.4% in late trade.

Among energy stocks moving on news:

(+) PetroChina (PTR) was almost 2% higher in late Friday trading after Citigroup earlier raised its investment recommendation on the oil and natural gas producer to buy from neutral.

In other sector news:

(+) Total S.A (TOT) was nearly 1% higher Friday after Reuters reported, citing banking industry sources, that the French energy major is planning to sell a third of its 16.8% stake in the Kashagan oil field in Kazakhstan as it seeks to raise $4 billion for its upcoming purchase of African energy assets from Occidental Petroleum (OXY).

(+) Shell Midstream Partners (SHLX) rose 2.1%. The master limited partnership Friday said its 10%-owned Proteus and Endymion oil pipeline companies have carried the first oil produced by the Appomattox floating production system in the Gulf of Mexico, connecting to onshore markets via a storage hub in Clovelly, La. Appomattox is expected to produce around 175,000 barrels of oil equivalent per day, the company said.

(-) Emerge Energy Services LP (EMES) fell 31% after the oilfield-services company late Thursday said the New York Stock Exchange has warned it was at risk of having its stock delisted unless the company can increase its share price above the market's $1 minimum for at least 30 consecutive trading days. Under NYSE rules, the partnership has six months to resolve the deficiency before the stock exchange would begin delisting procedures.

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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