Energy Sector Update for 08/04/2020: CDEV,BP,EC

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.

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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