Sector Update: Energy Stocks Falling Amid Small Gains for Commodities

Friday, November 20, 2020 1:10 PM | MT Newswires

Energy stocks were mostly lower this afternoon, with the NYSE Energy Sector Index falling 0.5% while the SPDR Energy Select Sector ETF was down 1.1%.

Front-month West Texas Intermediate crude oil was rising 4 cents to $41.78 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was advancing 30 cents to $44.50 per barrel. Henry Hub natural gas futures were 5 cents higher at $2.64 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund was slipping 0.2% while the United States Natural Gas Fund was advancing 1.2%. The Philadelphia Oil-Service Sector index was falling 2.0%.

In company news, Superior Drilling Products (SDPI) fell 3% after saying it received a warning its shares were at risk of being delisted from the NYSE American stock exchange after the combined value of its shareholders' equity fell below the $6 million minimum threshold and it also reported net losses during each of the past five fiscal years. Under NYSE rules, the oilfield-equipment company has until Dec. 18 to submit plans how it expects to resolve the deficiency during the 180-day remedial period ending May 18.

Among gainers, Aemetis Inc (AMTX) climbed 2% after the renewable fuels producer said its Aemetis Biogas subsidiary has received $7.8 million in matching grants from the 2020 California Department of Food and Agriculture for its dairy farm digester research and development program. Construction is expected to start next month and begin production by the end of March, the company said

Cenovus (CVE) rose 1.5% after Friday saying CEO Alex Pourbaix will continue in his current role and chief financial officer Jon McKenzie will become chief operating officer once the Canadian energy company's proposed buyout of rival Husky Energy (HSE.TO) closes during the first three months of 2021. Husky CFO Jeff Hart will assume McKenzie's responsibilities with the combined companies, they said.

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