Energy stocks were solidly lower this afternoon, with the NYSE Energy Sector Index falling 1.2% while the SPDR Energy Select Sector ETF was down 1.4%.
Front-month West Texas Intermediate crude oil was extending its losses from the previous session, slipping 3 cents to $40.72 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was declining 15 cents to $43.22 per barrel. Natural gas futures were 1 cent lower at $1.71 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund was off 0.1% while the United States Natural Gas fund was dropping 0.8%. The Philadelphia Oil Service Sector index also was retreating about 1.5%.
In company news, Magnolia Oil & Gas (MGY) turned 1% lower this afternoon, giving back a 3.4% gain earlier Friday that followed KeyBanc raising its price target on the exploration and production company by $1 to $9 a share and reiterating its overweight investment rating for the company's stock.
Among stocks moving higher on news, Energy Fuels (UUUU) rose more than 11% after the uranium miner Friday said it has redeemed $7.7 million of its floating rate convertible subordinated debentures maturing on Dec. 31, representing half of the total amount of the securities. The company also said it expects to produce between 125,000 to 175,000 pounds of processed ore this year, likely boosting its year-end inventory of finished uranium to a range of 640,000 to 690,000 pounds with a potential value of up to $23 million.
Ecopetrol (EC) climbed 1.7% after the Columbian oil and natural gas producer increased its 2020 investment plan to between $3 billion to $3.4 billion, up from its projected $2.5 billion to $3 billion range issued in May but still lagging the company's original plan to spend $4.5 billion to $5.5 billion on exploration and new wells prior to the global price war earlier this year and the start of COVID-19 pandemic.
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