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Tuesday, April 17, 2018 1:10:48 PM
MT NEWSWIRES 10:52 AM ET 4/17/2018
12:52 PM EDT, 04/17/2018 (MT Newswires) --
Top Energy Stocks
XOM -0.49%
CVX -0.07%
COP +0.54%
SLB +0.22%
OXY -0.08%
Energy stocks were moderately higher, with the NYSE Energy Sector Index rising almost 0.4% while shares of energy companies in the S&P 500 were up more than 0.1% as a group. West Texas Intermediate crude oil for May delivery was 14 cents lower at $66.08 per barrel in New York while the global benchmark Brent crude June contract was falling 15 cents to $71.27 per barrel. May gas futures were a penny lower at $2.74 per 1 million BTU. Among energy-related ETFs, United States Oil was down almost 0.1%while United States Natural Gas was down less than 0.1%. The Philadelphia oil-service sector index was down about 0.1%.
In industry news:
Crude oil prices were little changed on Tuesday, slipping only slight from a 40-month high established last week, as geopolitical tensions cooled and the Energy Information Administration forecast another big increase in U.S. oil production next month. The EIA on Monday said it expects production from U.S. shale fields to climb by 125,000 barrels per day in May, adding to nearly 1.3 million barrel per day of new output over the past year and boosting worries the increased production would offset export restrictions in place this year among OPEC member countries and Russia.
Among energy stocks moving on news:
+ Prime Energy (PNRG) jumped to a 14-month high on Tuesday, climbing more than 22% to its best price since February 2017 at $64.70 a share, after the company reported sharply improved 2017 per-share net income and revenue compared with prior-year levels. Net income jumped to $14.18 per diluted share during the 12 months ended Dec. 31, 2017, up from $1.13 per share during all of 2016. Revenue increased to $89.3 million, rising 57.3% over its $56.8 million in revenue in 2016. Analyst estimates were not available for comparison.
In other sector news
- Tellurian (TELL) still was holding a slim gain on Tuesday, retreating from a nearly 5% increase earlier in the session, afetr reports the company is in advanced talks with potential partners to fund the proposed Driftwood liquefied natural gas export terminal in Louisiana. The stock also is enjoying an added push after analysts at Wells Fargo began coverage of Tellurian with a Market Perform rating.
- ENI SpA(E) was higher Tuesday after the Italian energy major signed a series of agreements with Algerian state company Sonatrach to collaborate on jointly operated activities in the country. The agreements disclosed Tuesday by the companies include the launch of an "ambitious" exploration and development program in the Berkine basin, with Eni leading on the production of new gas reserves through the use and optimization of existing infrastructures.
Price: 66.84, Change: +8.04, Percent Change: +13.67
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