Energy Sector Update for 09/03/2019: CXO, NINE, EQNR, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: -1.04%

CVX: -1.44%

COP: -2.17%

SLB: -3.89%

OXY: -1.45%

Top energy stocks were declining pre-bell Tuesday. West Texas Intermediate crude oil for October delivery was down $1.89 at $53.21 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude November contract lost $1.27 to $57.36 per barrel and October natural gas futures were 3 cents higher at $2.34 per 1 million British Thermal Units. Among energy-related ETFs, the United States Oil Fund was down 3.45%, while the United States Natural Gas fund was 2.78% higher.

In other sector news:

(+) Concho Resources (CXO) was slightly higher after saying it agreed to sell its assets in the New Mexico Shelf to an affiliate of Spur Energy Partners LLC for $925 million.

(+) Nine Energy Service (NINE) was up more than 1% after it sold its Production Solutions segment to Brigade Energy Services LLC for about $17 million in cash, subject to working capital adjustments.

(-) The Norwegian Petroleum Directorate said Sunday that it has allowed state oil firm Equinor ASA (EQNR) and its partners to commence production at the large Johan Sverdrup oil field in the North Sea starting in the fall. Equinor was declining in recent trade.

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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