Energy Sector Update for 07/02/2021: OSG,SBR,EC

Energy stocks were moderately lower Friday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR ETF (XLE) both down 0.3%.

Front-month West Texas Intermediate crude oil reversed an early gain, slipping $0.04 to $75.19 per barrel, while global benchmark Brent advanced $0.24 to $76.08 per barrel. Henry Hub natural gas futures were $0.03 higher at $3.69 per million BTU.

The Philadelphia Oil Service Sector index fell 0.4%, while the Dow Jones US Utilities Index inched up less than 0.1%.

In company news, Overseas Shipholding Group (OSG) climbed as much as 44%, after the oil tankers operator announced a review of its strategic alternatives and said it received an non-binding buyout offer from an unnamed suitor of $3 per share, nearly 43% above Thursday's closing price.

Sabine Royalty Trust (SBR) was 1.5% higher, overcoming early sluggishness that followed the oil and natural gas producer Friday declaring a July distribution of $0.278250 per unit, down from its June distribution of $0.293880 per unit.

Ecopetrol (EC) climbed 1.3% after the Colombian energy producer late Thursday announced formation of its Ecopetrol Singapore and Ecopetrol Trading Asia subsidiaries to market its crude oil and refined products in Asia.

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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