Energy stocks rebounded Friday, with the NYSE Energy Sector Index (^NYE) climbing 1.9% this afternoon while the SPDR Energy Select Sector ETF (XLE) was up 2%.
Front-month West Texas Intermediate crude oil settled 90 cents higher at $40.52 per barrel in New York while the global benchmark Brent crude contract advanced 84 cents to $43.19 per barrel. Henry Hub natural gas futures rose 3 cents to $1.81 per 1 million BTU.
In company news, Petrobras (PBR) added 1.7% after the state-run energy major said it was selling the Pescada, Arabaiana, and Dentao shallow-water oilfields off the Brazilian coast to an Ouro Preto Oleo e Gas subsidiary for $1.5 million.
Hermitage Offshore Services (PSV) rallied as much as 430% after reaching a forbearance deal with lenders for its $132.9 million term loan facility. It has hired advisors to explore options to restructure its debts since the offshore supply ship company recently said the COVID-19 pandemic and declining crude oil prices raised substantial doubt about its ability to continue as a going concern.
Tsakos Energy Navigation (TNP) edged up 1% after saying it signed a contract for the building of up to three Suezmax-class DP2 shuttle tankers on long-term employment to an unnamed European end-user company.
Rattler Midstream (RTLR) was down 1%, reversing earlier gains after the pipeline company priced a $500 million private placement of 5.625% senior notes due 2025 at par.
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