Energy Sector Update for 09/26/2019: SAEX,BE,NGL
Top Energy Stocks
Energy stocks were mostly lower this afternoon, with the NYSE Energy Sector Index falling almost 0.5% while shares of energy companies in the S&P 500 were down more than 1.2% as a group. West Texas Intermediate crude oil for November delivery was falling 43 cents to $56.06 per barrel while the Brent crude November contract was declining 21 cents to $62.18 per barrel. October natural gas futures were down 9 cents at $2.41 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was slipping 1% and the United States Natural Gas fund was dropping 3.8%. The Philadelphia Oil Service Sector index also was down 3%.
Among energy stocks moving on news:
(+) SAExploration (SAEX) raced 14% higher after the oilfield services company Thursday said it was hired for a new, $28 million shallow-water ocean-bottom project in the Asia-Pacific region from an unnamed national oil company. The project includes data acquisition in up to 60 meters of water and is expected to last about 55 days during the final three months of 2019.
In other sector news:
(-) Bloom Energy (BE) was 2.7% lower. The company late Wednesday announced a collaboration with Samsung Heavy Industries to design and build Aframax-grade crude oil tanker ships powered by Bloom Energy's solid oxide fuel cell technology.
(-) NGL Energy Partners (NGL) fell 2.3% after the shipping and logistics company announced its purchase of the equity interests of water pipeline builder Hillstone Environmental Partners from Golden Gate Capital for around $600 million. NGL Energy is expecting the deal will add to its FY21 per-share distributable cash flow, its first full year of ownership.
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