Top Energy Stocks
Energy stocks turned modestly higher in late trade, with the NYSE Energy Sector Index rising nearly 0.3% while shares of energy companies in the S&P 500 also were up almost 0.3% as a group. West Texas Intermediate crude oil for January delivery settled 30 cents lower at $58.11 per barrel in New York while the global benchmark Brent crude January contract declined 20 cents to $64.07 per barrel. January natural gas futures fell 3 cents lower to $2.50 per 1 million BTU.
In industry news:
US crude oil inventories increased by 1.6 million barrels during the seven days ended Nov. 22, rising to 452 million barrels, the Energy Information Administration reported Wednesday. That compares with a 3.6 million-barrel rise reported late Tuesday by the American Petroleum Institute and expectations by industry experts polled by S&P Global Platts looking for a 600,000-barrel draw last week.
Among energy stocks moving on news:
(-) Taronis Technologies (TRNX) dropped over 2% after synthetic fuels producer said the spin-off of its Taronis Fuels subsidiary into a stand-alone company was moving ahead as planned, with Nov. 29 as the record date for shareholders to be eligible for the Dec. 5 stock dividend. The new industrial gases company will initially trade on the over-the-counter market but is expected to move to the New York Stock Exchange soon after the upcoming share distribution.
In other sector news:
(+) Paringa Resources Ltd. (PNRL) jumped 231% after the thermal coal miner closed on a $9 million royalty financing agreement to help fund the ramp-up of operations at its Poplar Grove mine in western Kentucky. The company also said it lowered the second tranche of its term loan facility with Tribeca Global Resources by $6 million to $10 million.
(+) Hess Midstream Partners LP (HESM) was nearly 1% higher late Wednesday after the oil and gas infrastructure company said it was extending the time for the exchange offer for its 5.625% senior notes due 2026 by an extra 10 days until Dec. 12. Through the close of business on Tuesday, investors have tendered 97.1% of the outstanding $800 million of the notes, it said. Hess Midstream earlier this month extended the expiration date by an extra four weeks.
(-) Frontline (FRO) fell 1.7% on Wednesday after the tanker company reported a Q3 net loss of $0.06 per share, reversing a $0.01 per share profit during the year-ago period and missing the Capital IQ consensus expecting a $0.02 per share loss for the three months ended Sept. 30.