Top Energy Stocks
Energy stocks were ending sharply higher this afternoon, with the NYSE Energy Sector Index climbing almost 1.6% while shares of energy companies in the S&P 500 were up about 1.6% as a group. West Texas Intermediate crude oil for July delivery settled $1.97 higher at $53.90 per barrel in New York while the global benchmark Brent crude August contract advanced $1.24 to $62.18 per barrel. July natural gas futures fell 6 cents to $2.33 per 1 million BTU. Among energy-related ETFs, the United States Oil fund rose more than 3.9% while the United States Natural Gas fund was dropping more than 2.3%. The Philadelphia Oil Service Sector index was up just more than 3.4%.
Among energy stocks moving on news:
(-) San Juan Basin Royalty Trust (SJT) dropped more than 5% on Tuesday after the oil and natural gas royalty company said it would not be paying its monthly cash distribution during June due to excess production costs in April. It said the additional spending largely resulted from several well recompletions during the period coupled with reduced natural gas prices.
In other sector news:
(+) SM Energy Company (SM) rose more than 7% after the oil and natural gas producer raised the mid-points of its Q2 and FY19 production forecasts by 400,000 barrels of oil equivalent due to better-than-expected well performance and completion timings. The company is now projecting between 12 million to 12.2 million barrels for the three months ending June 30 while its FY19 outlook rose to a range of 45.4 million to 48.4 million barrels.
(+) Air Products (APD) was 1% higher after Tuesday the firm said it has launched the first hydrogen fueling station in Saudi Arabia through its partnership with Saudi Aramco. The pilot station is located at the company's technology center in the Dhahran Techno Valley Science Park and will initially fuel a fleet of six Toyota Mirai fuel cell electric vehicles.
(+) EQT (EQT) climbed almost 1% after the company said its Q2 sales volumes will likely be at the high end of its forecast. The petroleum company also said it expects to achieve around $25 million in additional savings during 2019.
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