Markets

Sector Update: Energy

Energy stocks are slightly lower, with the NYSE Energy Sector Index declining 0.2% while shares of energy companies in the S&P 500 are down 0.2% as a group. Crude oil for January delivery is extending its recent rise, adding another 62 cents to now fetch $97.82 per barrel. January natural gas is up 14 cents to $4.10 per 1 million BTU.

In company news, Dresser-Rand ( DRC ) is narrowly higher in afternoon trade after the company says it successfully produced liquefied natural gas from its small-scale LNGo facility at an undisclosed location.

The petrochemical company has been promoting LNGo as a decentralized method of meeting increasing demand for LNG fueling. Each stand-alone plant is capable of producing about 6,000 gallons of liquefied natural gas per day, with the demonstration facility now undergoing extended performance and endurance testing prior to its market release.

DRC said it has head preliminary discussion with around 90 prospective customers who could either buy or lease a LNGo plant.

In recent trade, DRC shares were up 0.2% at $57.29 each, near the top of its $56.61 to $57.53 a share range.

In other sector news,

(+) AAV, (+4.2%) New Upper Montney well tests at 21.2 mln cubic feet per day, with the company saying gas flow from the well is two to three times better than older adjacent wells. Also said it is now reviewing bids submitted through its strategic process.

(-) PDS, (-9.6%) Alberta Investment Management Company unloads its entire stake in the oilfield services company, selling 56 million shares.

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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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