Energy stocks were lower this afternoon, with the NYSE Energy Sector Index falling 1.3% while the SPDR Energy Select Sector ETF (XLE) was down 1.0%. The Philadelphia Oil-Service Sector index was posting a 2.8% decline although the Dow Jones US Utilities Index was climbing less than 0.1%.
West Texas Intermediate crude oil was inking $1.13 to $103.66 per barrel while North Sea Brent crude also was sliding $0.57 to $106.45 per barrel. Henry Hub natural gas futures were $0.42 higher at $6.46 per 1 million BTU.
In company news, Capstone Green Energy (CGRN) slid 3.9% after micro-turbine company said Scott Robinson has been named interim chief financial officer, succeeding Frederick Hencken, who stepped down on Friday. Robinson is an executive consultant with Vaco, a professional-services firm providing senior level financial professionals on an interim basis.
Euronav (EURN) rose 0.9% after agreeing to a $2.44 billion stock swap with rival tanker company Frontline. Under terms of the proposed transaction, investors will receive 1.5 Frontline shares for each of their Euronav shares, valuing the target company at about $12.09 per share based on Frontline’s closing price on Friday and representing a 7.1% premium over Euronav’s last closing price. Frontline (FRO) shares were falling 2.8% this afternoon.
United Maritime (USEA) fell 6.2% after Monday announcing plans to acquire a 0fleet of two Aframax oil tankers and two LR2 product tankers for $79.5 million. It expects to finance the deal using loan proceeds and cash on hand, including $5 million in funding from former United parent company Seanergy Maritime (SHIP).
