Top Energy Stocks
Energy stocks were mostly higher this afternoon, with the NYSE Energy Sector Index climbing 0.4% while shares of energy companies in the S&P 500 also were up 0.9% as a group. West Texas Intermediate crude oil for December delivery was rising $1.61 to $56.82 per barrel in New York while the global benchmark Brent crude January contract was advancing $1.38 to $62.29 per barrel. December natural gas futures were 6 cents higher at $2.57 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was ahead over 2.9% while the United States Natural Gas fund was posting a 1% gain. The Philadelphia Oil Service Sector index was up 0.4%.
In industry news:
Crude oil inventories increased by 1.38 million barrels during the seven days ended Nov. 15, the Energy Information Administration said Wednesday morning. That compares with expectations of industry experts polled by S&P Global Platts expecting a 1.54 million-barrel build last week and a rise of 5.95 million barrels in commercial supplies reported late Tuesday by the American Petroleum Institute.
Among energy stocks moving on news:
(+) Scorpio Tankers (STNG) rose 2.7% after late Tuesday saying company president Robert Bugbee paid $450,000 to buy 2,000 call option contracts expiring in January with a $32.00 strike price and equal to 200,000 shares of the tanker company's common stock.
In other sector news:
(+) California Resources (CRC) climbed 10% after saying it does not expect a proposed mortatorium by the California Department of Conservation on new oil extraction wells using high-pressure steam will have a significant effect on its production, plans or reserves.
(-) NuStar Energy (NS) declined fractionally after Wednesday announcing the start of a binding open season for a planned increase in crude oil capacity for its Midland Trunkline on the company's pipeline system in the Permian Basin. NuStar is expecting to add pump upgrades at its terminal in Stanton, Texas, to boost capacity on the 20-inch pipeline running to Midland, Texas, by 60,000 barrels per day. The project is expected to be in service during the first three months of 2020.
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