Energy stocks were ending sharply higher again this afternoon, with the NYSE Energy Sector Index climbing 2.9% while the SPDR Energy Select Sector ETF was up 2.5%.
Front-month West Texas Intermediate crude oil settled 69 cents higher at $41.70 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract increased 19 cents to $44.34 per barrel. Henry Hub natural gas futures rose another 9 cents to $2.19 per 1 million BTU.
In company news, Houston American Energy (HUSA) was 4% higher after the oil and natural gas producer Tuesday said it was resuming development and drilling on its Permian Basin properties in the Texas Panhandle region following a four-month break due to the COVID-19 pandemic. Hydraulic fracturing at the company's 18.6%-owned Frost No. 2-H well in Yoakum county is slated to begin August 24. It also has signed a joint operating agreement with an unnamed partner to start work next month on its first well in nearby Hockley county.
Centennial Resource Development (CDEV) jumped 8% 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 7.5% 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% even after the Colombian oil and natural gas company reported a 53.9% decline in Q2 sales compared with year-ago levels, dropping to COP8.44 trillion and trailing the Capital IQ consensus expecting COP9.32 trillion in revenue.
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