Stocks for Top Energy
This afternoon, energy stock was mostly low and the NYSE Energy Sector Index dropped 1.1%, while the S&P 500 index was down by more than 1.3% as a company. The intermediate petroleum of West Texas dropped from $1.41 a barrel of $54.18 and the global Brent crude oil benchmark dropped from $1.50 to $60.54 a barrel. The future of natural gas was 3 cents lower than that of 1 million BTU for $1.89. The US Oil Fund was down 2.4% among energy-related ETFs, whereas the U.S Natural Gas Fund was down 2.5%. The index for Philadelphia oil services has retreated by 2.9%.
Among the energy stocks that pass on to the news:
(+) After Friday, SAExploration Holdings (SAEX) revealed two new offshore ventures in West Africa that were about 42 million dollars in value, it was almost 25 percent higher. It is expected the study will last for 71 days and will be completed in the fiscal quarter ending June 30th, according to the company.
News updates of other sectors:
(-) Encana (ECA) dropped 8 percent following the company’s reorganization Friday report, including its move to the U.S. corporate headquarters and a five-per-one consolidation. The manufacturer of the natural gas company also renames itself Ovintiv and begins trading under the OVV ticker symbol in New York and Toronto on Monday, January 27.
(=) Oil States International (OIS) fell by nearly 13 percent, advising the organization to expect Q4 revenues to decrease compared to the final three months of 201 for its Well Site Services and Downhole Technologies segments because of slower land-completion operations in the US. It said also that an EBITDA margin of $1.7 m would be negative for its offshore/manufactured business.