Energy

Energy Sector Update for 07/14/2020: CEIX,ERII,FET,BP

Energy stocks continued to post outsized gains this afternoon, with the NYSE Energy Sector Index climbing 3% while the SPDR Energy Select Sector ETF was up 3.3%.

Front-month West Texas Intermediate crude oil settled 19 cents higher at $40.29 per barrel in New York while the global benchmark Brent crude contract also added 6 cents to $42.78 per barrel. Henry Hub natural gas futures rose 1 cent to $1.75 per 1 million BTU.

Among companies moving on news, Consol Energy (CEIX) advanced more than 2% on Tuesday after the coal miner reported a "significant" increase in shipments so far during July compared with June levels. Overall, the company said it sold 2.3 million tons of coal during the three months ended June 30, down almost 69% compared with its 7.4 million tons in Q2 sales last year.

Energy Recovery (ERII) rose about 4% after Tuesday announcing project awards totaling $20.9 million, including a contract to supply hundreds of its PX pressure exchangers for the Al Jubail II seawater reverse osmosis facility now under construction in Saudi Arabia.

BP plc (BP) climbed 3.5% after a Reuters report said that the energy major delivered 3 million barrels of Basra Light crude oil from Iraq to the Shanghai International Energy Exchange storage facility in China's Shandong province earlier this month.

Forum Energy Technologies (FET) was 3.2% higher this afternoon after the oilfield-services company said it expects to report Q2 revenue in the range of $110 million to $115 million, down from $245.6 million during the same quarter last year. The consensus estimate compiled by Capital IQ is for $110 million in Q2 revenue.

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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