Oil prices reversed earlier gains, with West Texas Intermediate crude oil now down $0.36 at $120.57 per barrel and North Sea Brent crude declining $0.08 to $122.19 per barrel. Henry Hub natural gas futures were $1.27 lower at $7.34 per 1 million BTU.
In company news, Continental Resources (CLR) was nearly 14% higher, easing from a 17% gain to its highest share price since August 2014, after controlling shareholder Harold Hamm offered to acquire the 17% of the oil and natural gas producer he and family members don't already own for $70 per share, or roughly 9% above Monday's closing price.
Cenovus Energy (CVE) declined 0.5%, easing from a nearly 3% morning gain, after ATB Capital Markets Tuesday raised its price target for the Canadian oil and natural gas company by $1.50 to $34.50 a share, one day after Cenovus announced plans to buy out joint venture partner BP's (BP) 50% share of the Sunrise oil sands project in northern Alberta for CA$1.2 billion. Goldman Sachs Tuesday also reiterated its buy stock rating for Cenovus shares.
TC Energy (TRP) fell 1.1% after the Canada-based pipeline company said it will begin off-taking renewable energy from a solar-energy facility in Strathmore, Alberta, under a 15-year power purchase agreement with Elemental Energy when the new 20-megawatt starts operations on Wednesday. Financial terms were not disclosed.
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