Energy stocks were posting large gains this afternoon, with the NYSE Energy Sector Index climbing 2.6% while the SPDR Energy Select Sector ETF was up 2.4%.
Front-month West Texas Intermediate crude oil was rising 29 cents to $40.39 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract also was advancing 29 cents to $43.01 per barrel. Henry Hub natural gas futures were 1 cent higher at $1.75 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund was ahead 1.3% while the United States Natural Gas fund was increasing 1.2%. The Philadelphia Oil Service Sector index also was posting a 3.6% gain.
In company news, Energy Recovery (ERII) rose 3.7% after the hydraulic fracturing and water services company Tuesday said it received project awards totaling $20.9 million, marking one of the largest contracts in company history. The company will supply hundreds of its PX pressure exchangers for the Al Jubail II seawater reverse osmosis facility now under construction in Saudi Arabia.
BP (BP) climbed 3% 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. The company also is scheduled to deliver another 1 million barrels under an August contract, according to a Reuters report, citing industry sources.
Forum Energy Technologies (FET) was 1.9% 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.
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