Energy Sector Update for 07/16/2020: FSI,GLOG,GLOP,SGU

Energy stocks were edging lower this afternoon, with the NYSE Energy Sector Index falling 0.3% while the SPDR Energy Select Sector ETF was down 0.2%.

Front-month West Texas Intermediate crude oil was slipping 35 cents to $40.85 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was declining 38 cents to $43.41 per barrel. Natural gas futures were 4 cents lower at $1.73 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund was dropping 0.4% while the United States Natural Gas fund was sliding 2.5%. The Philadelphia Oil Service Sector index also off by about 0.4%.

In company news, Flexible Solutions International (FSI) climbed 14% after Thursday saying it generated around $7.6 million in revenue during its Q2 ended June 30, up about 12% over year-ago levels and topping the single-analyst call expecting around $6.5 million in Q2 revenue for the maker of biodegradable polymers used in oil extraction and other purposes. The company will report its full Q2 financial results on August 14.

GasLog Ltd (GLOG) rose 1.3% after the liquefied natural gas carrier company Thursday said lenders agreed to refinance its $577 million credit facility maturing in 2021 in addition to a combined $460 million across two loans for its general partner GasLog Partners (GLOP). All three of the new debt transactions are signed and expected to close before the end of the month, the companies said. GasLog Partners units were 1.6% lower this afternoon.

Star Group (SGU) was nearly 1% higher after the home heating oil and propane seller Thursday declared a quarterly distribution of $0.1325 per unit for the three months ended June 30, unchanged from the previous quarter and payable August 4 to investors of record on July 27.

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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