Energy Sector Update for 05/29/2019: DVN, TGA, CHAP, CNQ, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: -1.05%

CVX: Flat

COP: Flat

SLB: -1.67%

OXY: -1.22%

Energy heavyweights were flat to lower in pre-market trading Wednesday. West Texas Intermediate crude oil for July delivery was down $1.50 at $57.64 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract lost $1.43 to $68.68 per barrel and June natural gas futures were 4 cents higher at $2.62 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 1.64%, while the United States Natural Gas fund was 2.17% higher.

In other sector news:

(+) Devon Energy (DVN) signed a definitive deal to sell its Canadian business, housed under its Devon Canada unit, to Canadian Natural Resources (CNQ) for CAD3.78 billion ($2.79 billion). Devon Energy was slightly higher after the news.

(=) TransGlobe Energy (TGA) was unchanged after saying it produced 17,000 barrels of oil equivalent per day (boe/d) in May, consistent with the previous month.

(=) Chaparral Energy (CHAP) was flat as it reported that Q2 production is expected to be above the high end of its previously announced guidance range of 26,000 - 27,500 barrels of oil equivalent per day (boe/d).

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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