Top Energy Stocks
Energy stocks were softer but held onto gains at closing, with the NYSE Energy Sector Index gaining 0.3% while shares of energy companies in the S&P 500 were up 0.3% as a group. West Texas Intermediate crude oil for October delivery was down $0.41 at $53.76 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract declined $0.51 to $58.83 per barrel. September natural gas futures gained $0.08 to $2.23 per 1 million BTU. Among energy-related ETFs, United States Oil (USO) was edging lower to $11.17. United States Natural Gas (UNG) was rising more than 3%. The Philadelphia Oil Service Sector index (OSX) was 0.3%. softer.
Among energy stocks moving on news:
(-) China Petroleum & Chemical Corp., or Sinopec, (SNP) was down 0.2% on Monday after it reported first-half per-share earnings of RMB0.26 ($0.04), down from last year's RMB0.34. The company posted H1 revenue of RMB1.5 trillion, increasing from $1.3 trillion a year ago.
In other sector news:
(+) Houston American Energy (HUSA) was gaining over 1% after it agreed to participate in a new drilling program in the San Andres formation located in the Northern Shelf of the Permian Basin.
(+) SRC Energy (SRCI) was jumping over 11% 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 almost 2% 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.