Energy Sector Update for 06/28/2019: PCG, RDS.A, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.51%

CVX: -0.10%

COP: +0.77%

SLB: +0.38%

OXY: +0.28%

Energy giants were mostly higher in pre-market trading Friday. West Texas Intermediate crude oil for August delivery was up $0.09 at $59.52 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude August contract gained $0.14 to $66.69 per barrel and August natural gas futures were flat at $2.33 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.8%, while the United States Natural Gas fund was up 1%.

Stocks moving on news include:

(-) Pacific Gas & Electric (PCG), which was down almost 2% as the California Public Utilities Commission on Thursday opened a proceeding to consider fines and penalties against the company for 2017 wildfires, and ordered the utility to create a mobile application that would allow the public to report utility pole issues.

(+) Royal Dutch Shell (RDS.A) was 0.5% higher as the company and Exxon Mobil (XOM) are planning a re-entry in Somalia's languishing upstream sector after the central government implemented a new petroleum revenue sharing agreement in May ahead of an energy tender later in the year, media reported. XOM shares were also up 0.5%.

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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