Energy stocks extended their Monday advance this afternoon, with the NYSE Energy Sector Index climbing 1.5% while the SPDR Energy Select Sector ETF was up 1.6%.
Front-month West Texas Intermediate crude oil settled 61 cents higher at $20.39 per barrel while the global benchmark Brent crude contract added $1.18 to $27.62 per barrel. Natural gas futures rose 10 cents to $1.99 per 1 million BTU.
In company news, Green Plains (GPRE) was almost 16% higher after the ethanol producer announced a Q1 net loss of $0.47 per share, improving on its $1.06 per share loss during the first three months of 2019 and beating the two-analyst consensus call looking for a $0.94 per share Q1 net loss on a GAAP basis. Revenue increased 44.3% year-over-year to $632.9 million.
Brooge Energy (BROG) rose just 4.5% after saying its Brooge Petroleum and Gas subsidiary signed an off-take contract to store oil at its Phase I facility in the United Arab Emirates for an unnamed “super major” oil trading company for a six-month period that started April 28. The contract also is renewable for another six months if both parties agree.
EQT (EQT) climbed about 2% after Goldman Sachs Monday raised its price target on the natural gas producer by $1.50 to $14.75 a share and also reiterated its buy rating on the company’s stock.
Occidental Petroleum (OXY) was about 1.5% higher, reversing a prior decline that followed the company reportedly failing to raise the full proceeds for its $8.8 billion sale of Anadarko assets in Africa to French energy major Total SA (TOT) after the Algerian government temporarily withheld its approval for the deal. The company and the Algerian government previously completed asset sales in Mozambique and South Africa, according to the Wall Street Journal.
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