Energy Sector Update for 06/13/2019: MDR, XOM, TRP, XOM, CVX, COP, SLB, OXY
Top Energy Stocks:
Leading energy stocks were trading higher pre-bell Thursday. West Texas Intermediate crude oil for July delivery was up $1.72 at $52.86 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude August contract gained $2.14 to $62.11 per barrel and July natural gas futures were 2 cents lower at $2.37 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 3.48%, while the United States Natural Gas fund was 0.49% lower.
In other sector news:
(+) McDermott International (MDR) was up 3% after saying it won a "sizable" technology contract from Ningbo Union King Polyester Material Limited for the technology license, process design engineering and operator training for a paraxylene plant in Ningbo, China.
(+) Exxon Mobil (XOM) and Saudi Arabia's SABIC have reportedly secured local permits for their proposed $10 billion petrochemicals plant near Corpus Christi, TX. Exxon Mobil was recently trading higher.
(=) TC Energy (TRP) has completed the 770 kilometer, $2.5 billion Sur de Texas natural gas pipeline after several delays, Reuters reported. TC Energy was unchanged after the news.
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