Energy
SNP

Energy Sector Update for 08/26/2019: SNP, HUSA

Top Energy Stocks

XOM: +0.38%

CVX: +0.34%

COP: +1.47%

SLB: -1.97%

OXY: -1.01%

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.

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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