Energy sector trades weaker on July 5
Crude oil fell by more than 4% on Tuesday, July 5, amid increased fears over economic instability. This decline weighed on the prices of crude oil–related companies.
Chevron and ExxonMobil to expand Tengiz oil project
Chevron and ExxonMobil are making plans to pump in new investments for expansion of the Tengiz oil project in Kazakhstan. According to the announcement made by Chevron on July 5, this expansion costs $36.8 billion. Of this,~$6 billion goes toward escalation and contingency, ~$27 billion is tapped for facilities, and $3.5 billion is for wells.
The production of oil from this expanded project is planned to start in 2022, which would increase the production of crude oil by ~260,000 bpd. Since the beginning of 2016, Chevron has gained about ~15%.
At 12:10 PM EDT, June 5, Chevron was trading at $103.53, a drop of ~0.54%. ExxonMobil has gained about ~18%. At 12:15 PM EDT, ExxonMobil was trading at $92.44, a drop of ~1.4%.
How did the major integrated oil and gas industry look on July 5?
On July 5 at 3:30 PM EDT, the top five performers in the major integrated oil and gas industry were:
- BP PLC (BP) fell by 0.62%
- Chevron (CVX) fell by 0.63%
- ExxonMobil (XOM) fell by 0.80%
- Royal Dutch Shell B (RDS.B) fell by 0.86%
- Petrobras Argentina SA (PZE) fell by 0.93%
On July 5 at 3:30 PM EDT, the bottom five performers in the major integrated oil and gas industry were:
- Encana (ECA) fell by ~5.7%
- Aegean Marine Petroleum Network (ANW) fell by ~4.8%
- Ecopetrol SA (EC) fell by ~4.7%
- Rose Rock Midstream LP (RRMS) fell by ~4.1%
- EQT GP Holdings LP (EQGP) fell by ~2.8%
The following article explains the performance of copper on Tuesday, July 5.