Top Energy Stocks
Energy stocks were firmer, with the NYSE Energy Sector Index gaining 0.8% while shares of energy companies in the S&P 500 were up 0.6% as a group. West Texas Intermediate crude oil for October delivery was down $0.38 at $53.79 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract declined $0.53 to $58.18 per barrel. September natural gas futures gained $0.07 to $2.22 per 1 million BTU. Among energy-related ETFs, United States Oil (USO) was edging up fractionally to $11.20. United States Natural Gas (UNG) was rising more than 3%. The Philadelphia Oil Service Sector index (OSX) was up 1%.
Among energy stocks moving on news:
(+) Houston American Energy (HUSA) was gaining 6.7% after it agreed to participate in a new drilling program in the San Andres formation located in the Northern Shelf of the Permian Basin.
In other sector news:
(+) SRC Energy (SRCI) was 11% higher as it agreed to be acquired by PDC Energy (PDCE) in an all-stock transaction valued at $1.7 billion, including debt. PDC Energy was gaining 15% in value.
(+) Petroleo Brasileiro (PBR) was shedding 1% after it confirmed media reports that a group led by investment firm Itausa Investimentos SA has presented the highest bid to purchase the company's liquefied petroleum gas unit Liquigas.