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Energy Sector Update for 08/19/2020: OPTT,E,NOV,NAT

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 0.1% while the SPDR Energy Select Sector ETF was down 0.6% in recent trading.

Front-month West Texas Intermediate crude oil was slipping 9 cents to $42.80 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was declining 15 cents to $45.31 per barrel. Henry Hub natural gas futures were a penny higher at $2.43 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund is ahead 0.2% while the United States Natural Gas Fund is advancing 0.3%. The Philadelphia Oil-Service Sector index is posting a 0.6% gain.

In company news, Ocean Power Technologies (OPTT) climbed 2% on Wednesday after saying its PB3 PowerBuoy generator producing electricity using wave motion to power autonomous underwater vehicles for Italian energy major Eni (ENI) in the Adriatic Sea recently passed 600 days of continuous operation. Eni leased the PowerBuoy for 18 months in 2018 and in March extended that lease by another 18 months, the company said.

National Oilwell Varco (NOV) was fractionally higher after the oilfield-services company Wednesday began a cash tender offer for all $400 million of its outstanding 2.6% senior unsecured notes maturing in 2022, paying a $35 premium for each $1,000 in face value of the notes. The tender offer runs through next Tuesday, August 25.

Nordic American Tankers (NAT) slipped 1.2% after the oil-tanker company said Alexander Hansson, a Nordic American director and son of company board chairman and CEO Herbjorn Hansson, Wednesday paid $238,700 to buy 55,000 of its shares at $4.34 apiece.

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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