Energy

Energy Sector Update for 05/24/2019: TOO, UPL, TOT, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.56%

CVX: +0.92%

COP: +1.24%

SLB: +1.01%

OXY: +0.49%

Most energy majors were climbing in Friday's pre-market trade. West Texas Intermediate crude oil for July delivery was up $1.06 at $58.97 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract gained $1.16 to $68.92 per barrel and June natural gas futures were 2 cents lower at $2.56 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 1.32%, while the United States Natural Gas fund was 0.95% lower.

Early movers include:

(+) Teekay Offshore Partners (TOO), which was rallying more than 4% after it secured from unnamed commercial banks a new $450 million revolving credit facility for 16 shuttle tankers.

(=) Ultra Petroleum (UPL) was up more than 5% after it extended the early participation date and the withdrawal deadline of its previously announced private offer to 5:00 p.m. Eastern Time on May 31.

In other sector news:

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

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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TOT XOM CVX

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