Energy Sector Update for 07/27/2020: ROSE,TOT,NOG

Energy stocks were drifting lower this afternoon, with the NYSE Energy Sector Index falling 0.1% while the SPDR Energy Select Sector ETF was down 0.6%.

Front-month West Texas Intermediate crude oil was slipping 14 cents to $41.15 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was declining 37 cents to $42.97 per barrel. Henry Hub natural gas futures were 6 cents lower at $1.74 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund was ahead 0.2% while the United States Natural Gas fund was falling 3.7%. The Philadelphia Oil Service Sector index also was posting a 0.6% gain.

In company news, Rosehill Resources (ROSE) was 2.4% higher this afternoon, reversing its prior decline, after the oil and natural gas producer Monday said it filed for voluntary Chapter 11 bankruptcy protection under a previously reported restructuring and support agreement with its lenders. The company is expecting to operate the business as normal during the upcoming reorganization but said existing shareholders would lose their respective stakes and that the stock would no longer trade publicly after August 13.

Northern Oil & Gas (NOG) rose 3.4% after Seaport Global began coverage of the energy company with a buy stock rating and a $1.20 price target.

Total (TOT) rose fractionally after the French energy major Monday said it formed a 50-50 joint venture with Indian Oil Corp to produce and market bitumen derivatives and other specialty products in the country. The companies previously have established several partnerships in India, most notably for the sale of liquefied petroleum gas and fuel additives.

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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