Energy Sector Update for 07/10/2019: SSL,TNP,HK,LNG

Top Energy Stocks

XOM +1.36%

CVX +1.65%

COP +2.15%

SLB +1.09%

OXY +1.11%

Energy stocks continued to add to their prior gains this afternoon, with the NYSE Energy Sector Index climbing over 1.3% while shares of energy companies in the S&P 500 were up almost more than 1.3% as a group. West Texas Intermediate crude oil for August delivery settled $2.60 higher at $60.43 per barrel in New York while the global benchmark Brent crude September contract advanced $2.66 to $66.82 per barrel. August natural gas futures rose 2 cents to $2.44 per 1 million BTU.

Among energy stocks moving on news:

(+) Sasol Ltd (SSL) climbed 1.4% on Wednesday after the South African energy and chemicals company said it has opened a new alkoxylation plant in Nanjing, marking the company's largest expansion project in China to date. The new facility will more than double Sasol's production capabilities in the region and also includes increased research and development and customer technical support.

In other sector news:

(+) Halcon Resources (HK) was 4% higher on Wednesday. The oil and natural gas producer late Tuesday said Quentin Hicks plans to step down as chief financial officer but will announce the specific date later.

(+) Tsakos Energy Navigation Ltd (TNP) was 1% higher after Wednesday saying a "major" European oil company will be chartering one of its Suezmax crude oil tankers for up to 36 months, generating around $23 million in gross revenue if the customer keeps the vessel for the entire term. The tanker currently is being used in the global spot market at a minimum rate.

(+) Cheniere Energy (LNG) still was edging higher Wednesday afternoon, easing from its nearly 2% rise soon after Wednesday's opening bell. US regulators told the liquefied natural gas producer it can't bring a pair of storage tanks at the Sabine Pass LNG terminal in Louisiana back online before first fixing a gas leak at the export facility and addressing its root cause, according to reports.

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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