Energy Sector Update for 10/23/2019: EQM, FTI, XOM, CVX, COP, SLB, OXY
Top Energy Stocks:
Energy majors were mostly slipping in pre-bell Wednesday trading. West Texas Intermediate crude oil for December delivery was down $0.70 at $53.78 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude December contract lost $0.63 to $59.07 per barrel and November natural gas futures were 2 cents higher at $2.29 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 0.71% while the United States Natural Gas fund was 0.15% higher.
In other sector news:
(=) EQM Midstream (EQM) was flat after saying it is aiming to start service of its Mountain Valley Pipeline in late 2020 following delays resulting from permitting and weather issues, with total project work expected to be 90% completed by the end of 2019.
(=) TechnipFMC (FTI) landed an integrated Engineering, Procurement, Construction and Installation (iEPCI) contract from Shell for the Perdido Phase 2 development in the Gulf of Mexico. TechnipFMC was flat in pre-market trading.
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