Energy Sector Update for 10/09/2019: XOM, CQP, CVX, COP, SLB, OXY

Top Energy Stocks:

XOM: +0.90%

CVX: +0.77%

COP: +1.71%

SLB: -3.43%

OXY: -3.20%

Top energy stocks were mixed in pre-market trading Wednesday. West Texas Intermediate crude oil for November delivery was up $0.79 at $53.42 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude December contract gained $0.89 to $59.13 per barrel and November natural gas futures were 1 cent lower at $2.28 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 2.39%, while the United States Natural Gas fund was 0.71% lower.

In other sector news:

(+) Exxon Mobil (XOM) may sell its upstream offshore assets in Malaysia, a move that would come under the oil major's divestment strategy, Bloomberg News reported, citing industry sources. The divestment could result in Exxon reaping between $2 billion to $3 billion, according to the report. Exxon Mobil was recently trading higher.

(+) The Blackstone Group (BX) is open to an offer for its 41% stake in Cheniere Energy Partners (CQP), Platts reported, citing Blackstone Energy Partners head David Foley. Cheniere Energy Partners. BX shares were around 1% higher in recent trading; shares of CQP were flat.

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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