Top Energy Stocks
Energy stocks extended their Wednesday declines, with the NYSE Energy Sector Index falling almost 1.7% while shares of energy companies in the S&P 500 were down nearly 1.5% as a group. West Texas Intermediate crude oil for July delivery settled $2.13 lower at $51.14 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude August contract declined $2.38 to $59.91 per barrel. July natural gas futures fell 1 cent to $2.39 per 1 million BTU.
In industry news:
WTI oil futures fell over 4% on Wednesday after the Energy Information Administration said US commercial inventories increased again last week, rising 2.2 million barrels during the seven days ended June 7 to 485.5 million barrels. The increase followed a 6.8 million barrel rise reported by the EIA for the previous week and it also outpaced the 80,000-barrel gain expected in an industry survey by S&P Global Platts. The American Petroleum Institute said crude oil levels climbed by 4.9 million barrels in its weekly supply report issued late Tuesday.
Among energy stocks moving on news:
(-) Koppers Holdings (KOP) slipped more than 3% after Wednesday saying 48 employees would lose their jobs when it shutters its coal plant in Follansbee, W.V. Koppers previously moved its coal tar distillation and naphthalene refining from Follansbee to other facilities and was expecting to take between $4 million to $6 million against its Q2 results for asset write-downs and clean-up costs.
In other sector news:
(+) Chart Industries (GTLS) was fractionally higher after the value-added services provider for the energy and industrial gas industries Wednesday priced a down-sized, $248.8 million public offering of 3.5 million shares at $73.50 apiece, representing a 2% discount to Tuesday's closing price. Chart earlier this week announced plans to sell 4.9 million shares.
(-) SAExploration Holdings (SAEX) fell 1%, reversing an earlier advance. The oilfield services firm late Tuesday said it has completed work on the largest seismic data project in company history, mapping around 1,200 square kilometers of the Arabian Sea floor off the coast of India for an unnamed oil company.
(-) Tenaris (TS) dropped 5% on Wednesday. The oil and gas equipment company said it has selected Alicia Mondolo to be its new chief financial officer, effective on Aug. 5. Mondolo previously has been a financial officer for several Tenaris affiliates and she replaces Edgardo Carlos, who is stepping down to pursue other opportunities. Separately, the company said shareholders will be asked to vote on a proposal to delist its stock from the Buenos Aires stock exchange.
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