Energy Sector Update for 06/14/2019: LGCY, PBR, TOT, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.09%

CVX: -0.04%

COP: -0.14%

SLB: -0.30%

OXY: -0.06%

Energy giants were mostly lower in pre-market trading Friday. West Texas Intermediate crude oil for July delivery was up $0.13 at $52.41 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude August contract gained $0.39 to $61.70 per barrel and July natural gas futures were 2 cents higher at $2.35 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.28%, while the United States Natural Gas fund was 0.80% higher.

Early movers include:

(+) Legacy Reserves (LGCY), which was surging by more than 33% after saying it executed a global restructuring support agreement (RSA) with its lenders under a reserve-based revolving credit facility (RBL Lenders).

In other sector news:

(-) Petroleo Brasileiro (PBR) was slightly lower after it completed the sale of its 90% of stake in Transportadora Associada de Gas to French natural gas distributor Engie and the Canadian fund Caisse de Depot et Placement du Quebec, resulting in proceeds of BRL33.5 billion ($8.70 billion) to the Brazilian state-owned energy company.

(+) Total (TOT) is closing in on a deal to acquire a 30% stake in India's Adani Gas for more than INR5,500 crore ($800 million), the Times of India reported, citing sources. Total was marginally advancing recently.

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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