Energy stocks were sharply higher again this afternoon, following more gains in commodity prices and with the NYSE Energy Sector Index climbing 2.6% while the SPDR Energy Select Sector ETF was up 2.1%.
Front-month West Texas Intermediate crude oil was rising 44 cents to $41.45 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was increasing 14 cents to $44.29 per barrel. Henry Hub natural gas futures were 7 cents higher at $2.17 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund is ahead 1.8% while the United States Natural Gas Fund is advancing 3.3%. The Philadelphia Oil-Service Sector index is posting a 2.2% gain.
In company news, Centennial Resource Development (CDEV) jumped 8.0% after the company late Monday reported a surprise Q2 profit, earning $0.02, down from $0.07 per share during the same quarter last year but topping the Capital IQ consensus for a $0.26 loss.
BP (BP) climbed almost 8% after the energy major reported a GAAP net loss of $5.00 per ADS for its Q2 ended June 30, reversing a $0.54 profit during the same quarter last year but still beating the Capital IQ consensus expecting a $5.38 net loss.
Ecopetrol (EC) rose 2.4% even after the Colombian oil and natural gas company reported a 53.9% decline in Q2 sales compared with year-ago levels to COP8.44 trillion, trailing the Capital IQ consensus of COP9.32 trillion.
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