West Texas Intermediate crude oil was slipping $0.37 to $111.39 per barrel, giving back its morning advance after the Energy Information Administration reported a decline of 2.8 million barrels in commercial inventories during the seven days ended June 24 compared with market expectations anticipating a 950,000-barrel draw last week.
North Sea Brent crude also was $0.62 lower at $117.36 per barrel while Henry Hub natural gas futures were dropping $0.07 to $6.50 per 1 million BTU.
In company news, Baker Hughes (BKR) has turned 1.8% lower, reversing an early 1.5% advance that followed Tellurian (TELL) saying it selected the oilfield-services firm to supply four 19-megawatt compressors for the initial phase of its Driftwood natural gas pipeline project in Louisiana. The $240 million contract also calls on Baker Hughes to provide a LM6000PF+ gas turbine and other turbomachinery equipment. Tellurian shares were slipping 6.1% this afternoon.
Exxon Mobil (XOM) fell 3% after the energy major overnight announced the sale of its XTO Energy Canada joint venture with Imperial Oil (IMO) to Whitecap Resources (WCP.TO) for around $1.47 billion in cash. The deal includes 567,000 net acres in the Montney siltstone play in northern British Columbia and Alberta as well as 72,000 net acres in the Duvernay shale. Imperial shares also were 2.6% lower while Whitecap Resources was sinking 5.6% in afternoon trade on the TSX exchange in Toronto.
Superior Drilling Products (SDPI) climbed 2% after Wednesday saying its Hard Rock Solutions unit has struck a deal with Bin Zayed Petroleum for Investment to become the exclusive distributor for its Drill-N-Ream wellbore conditioning system in the Middle East and northern Africa.
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