Energy sector weakened on July 18
Because of the weakness in the crude oil prices amid an increase in the crude oil rig count, the crude oil–related companies fell on Monday, July 18.
At 3:05 PM EDT, the major ETFs related to the energy sector, the United States Oil ETF (USO) and the PowerShares DB Oil ETF (DBO), fell by ~1.4% and ~1.0%, respectively. The Energy Select Sector SPDR ETF (XLE) fell by ~0.1%.
ExxonMobil’s proposal to InterOil
According to InterOil (IOC), ExxonMobil (XOP) offered a “superior proposal” that involves a bid of more than $2.2 billion to acquire the Papua New Guinea gas field. The other major producer, Total SA (TOT), collaborated with Oil Search to acquire the PNG gas field, but ExxonMobil topped the bidding race.
According to InterOil, Inter Search has three days—until July 21—to propose a revised offer. This fierce competition for the Papua New Guinea gas field resulted from its rich reserves of high-quality gas. Since the beginning of 2016, ExxonMobil has gained more than 20% and InterOil has gained more than 55%.
At 12:30 PM EDT on July 18, ExxonMobil was trading at $94.71, a drop of ~0.4%.
Top five performers in the major integrated oil and gas industry
Below are the top five performers of the major integrated oil and gas industry at 3:30 PM EDT on July 18:
Bottom five performers in the major integrated oil and gas industry
Below are the bottom five performers of the major integrated oil and gas industry at 3:30 PM EDT on July 18:
- Encana (ECA) fell by ~1.3%
- YPF (YPF) fell by ~1.3%
- ENI (E) fell by ~1.1%
- BP (BP) fell by ~1.0%
- Total SA (TOT) fell by ~0.92%
The following article explains the performance of copper on Monday, July 18.