Energy stocks were ending solidly lower this afternoon, with the NYSE Energy Sector Index falling 1.2% while the SPDR Energy Select Sector ETF was down 1.5%.
Front-month West Texas Intermediate crude oil extended its losses from the previous session, settling 16 cents lower at $40.59 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was declined 26 cents to $43.11 per barrel. Natural gas futures fell 1 cent to $1.72 per 1 million BTU.
In company news, Williams Companies (WMB) was ending fractionally lower, with its shares showing little apparent traction from the company this afternoon saying the Federal Energy Regulatory Commission has approved an expansion of its natural gas pipeline capacity connecting customers in the southeastern US and mid-Atlantic regions with the Marcellus and Utica shale gas formations before the upcoming winter heating season.
Magnolia Oil & Gas (MGY) turned 1.2% 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 1.8% 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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