Energy heavyweights stayed strong in late Friday trade, driven by oil production cut news, with the NYSE Energy Sector Index rising over 1.7% while shares of energy companies in the S&P 500 were up more than 2% as a group.
West Texas Intermediate crude oil for January delivery was up $0.71 to $59.14 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude February contract gained $0.95 to $64.34 per barrel while January natural gas futures were 9 cents lower at $2.34 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing over 1.1% while United States Natural Gas was more than 3% weaker. The Philadelphia Oil Service Sector index was up nearly 5%.
In industry news: OPEC and its allies struck a new oil production deal to deepen their output cuts, various media reported on Friday, as state-owned oil giant Saudi Aramco raised a record $25.6 billion in its initial public offering.
In other sector news:
(+) Shell (RDS.A, RDS.B) was gaining over 1% after Natural Gas Intelligence reported that it and Energy Transfer (ET) have received a five-year extension from the Federal Energy Regulatory Commission to build the Lake Charles liquefied natural gas terminal in Louisiana. Energy Transfer was 0.8% weaker.
(-) McDermott International (MDR) pared heavy early losses, sliding 2% in late trade even after saying the Train 2 of the Freeport LNG project it is constructing in Texas has begun producing liquefied natural gas.
(+) Star Group (SGU) was up over 1% after it reported a fiscal Q4 net loss of $0.69 per unit compared with the $0.40 loss per unit in the prior-year period.
Price: 69.54, Change: +1.13, Percent Change: +1.66
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