Energy Sector Update for 09/10/2019: SYPR,CPE,CRZO,XOM

Top Energy Stocks

XOM +1.32%

CVX +2.61%

COP +2.73%

SLB +4.47%

OXY +2.68%

Energy stocks were extending their large gains for another session Tuesday, with the NYSE Energy Sector Index climbing 1.4% while the shares of energy companies in the S&P 500 also were up 1.3% as a group. West Texas Intermediate crude oil for October delivery was falling 4 cents to $57.81 per barrel, reversing an earlier rise, while the global benchmark Brent crude November contract was advancing 7 cents to $62.66 per barrel. October natural gas futures were steady at $2.59 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling 0.6% while the United States Natural Gas fund still was falling 0.2%. The Philadelphia Oil Service Sector index was up about 1.7%.

Among energy stocks moving on news:

(+) Sypris Solutions (SYPR) rose almost 6% on Tuesday after the pipeline components company said its Sypris Solutions subsidiary recently received significant orders for its Tube Turns-branded closures for wellhead pressure management projects in Kazakhstan and British Columbia. Work on the projects is slated to begin later this year and continue into 2020, Sypris said. Financial terms and other details of the purchases were not disclosed.

In other sector news:

(+) Callon Petroleum (CPE) was 1% higher after the oil and natural gas producer defended its proposed $3.2 billion acquisition of Carrizo Oil & Gas (CRZO) in response to criticism Monday from the Paulson & Co, with the hedge fund saying Callon should abandon the deal and put itself up for sale.

(+) Exxon Mobil (XOM) climbed fractionally on Tuesday after Reuters reported that the company was in talks to sell deepwater assets in the Gulf of Mexico to Repsol. The Spanish energy major reportedly is offering around $1 billion although other terms of the proposed deal were kept confidential, Reuters reported.

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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