Sector Update: Energy Stocks Rising as Global Oil Prices Near $70 Per Barrel

Friday, March 5, 2021 3:39 PM | MT Newswires

Energy stocks were ending higher this afternoon, with the NYSE Energy Sector Index climbing 2.9% while the SPDR Energy Select Sector ETF was up 3.6%.

Front-month West Texas Intermediate crude oil settled $2.26 higher at $66.09 per barrel while the global benchmark Brent crude contract was adding $2.67 to $69.41 per barrel. Henry Hub natural gas futures fell 5 cents to $2.70 per 1 million BTU.

In company news, Enbridge (ENB) was nearly 1% following a Canadian Press report overnight quoting Canadian natural resources minister Seamus O'Brien that continued use of the company's Line 5 pipeline under Michigan's Mackinac Straits was a "non-negotiable" part of ongoing negotiations with state and federal authorities.

Sabine Royalty Trust (SBR) climbed almost 1% after Friday declaring its March distribution of $0.210990 per unit, up 35.9% over its last distribution and payable March 29 to investors of record on March 15.

Global Partners (GLP) was 1% higher after the fuel delivery and storage company Friday reported a Q4 profit of $0.06 per unit, reversing its $0.08 per share during the same quarter in 2019. Analyst estimates were not available.

Canadian Natural Resources (CNQ) rose 2.1% after RBC Capital Markets reiterated its outperform rating and CA$43 price target for the oil and natural gas producer's stock.

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