Energy Sector Update for 09/10/2019: SU, CPE, CRZO, XOM, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.17%

CVX: +0.24%

COP: +0.44%

SLB: +1.71%

OXY: +0.49%

Energy majors were rallying pre-market Tuesday. West Texas Intermediate crude oil for October delivery was up $0.63 at $58.48 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude November contract gained $0.70 to $63.29 per barrel and October natural gas futures were 6 cents higher at $2.64 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.41%, while the United States Natural Gas fund was 0.31% higher.

In other sector news:

(=) Suncor Energy (SU) was flat after it unveiled its plan to invest 1.4 billion Canadian dollars ($1.06 billion) in low-carbon power cogeneration early on Tuesday in a move that will help grow incremental free funds flow by 2 billion Canadian dollars ($1.52 billion) while cutting greenhouse gas emissions.

(+) Callon Petroleum (CPE) was slightly higher after it defended its $3.2 billion plan to acquire Carrizo Oil & Gas (CRZO) after hedge fund Paulson & Co. said the company should abandon the deal and put itself up for sale.

(+) Exxon Mobil (XOM) is in talks with Repsol about the potential sale of deepwater assets in the Gulf of Mexico to the Spanish oil producer, Reuters reported. Repsol is offering $1 billion for the assets, although the other terms of the proposed deal were kept confidential, Reuters said. Exxon Mobil was advancing in recent trading.

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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