Energy sector gained on August 16
Companies in the energy sector gained on Tuesday, August 16. 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)—gained ~1.1% and ~1.0%, respectively. The Energy Select Sector SPDR ETF (XLE) gained ~0.23% on the day.
British Petroleum and Shell to restart investments in Iraq
According to recent reports, energy giants British Petroleum (BP) and Royal Dutch Shell (RDS.A), along with Russia’s Lukoil, made an agreement with Iraq to restart investments. According to the agreements reached in July and August, these energy giants are restarting their halted projects in Iraq. This can increase Iraq’s crude oil production as early as 2017.
Currently, Iraq produces ~4.6 million bpd of crude oil and after the completion of restarted projects, Iraq’s crude oil production is expected to increase by 0.25 million–0.35 million bpd.
Since the beginning of 2016, British Petroleum has gained ~9.5%. At 12:10 PM EDT on Tuesday, August 16, British Petroleum was trading at $34.20, a gain of ~0.97%.
Top five performers in the major integrated oil and gas industry
Below are the top five companies in the major integrated oil and gas industry on Tuesday, August 16, at 3:40 PM EDT:
Bottom five performers in the major integrated oil and gas industry
Below are the bottom five companies in the major integrated oil and gas industry on Tuesday, August 16, at 3:40 PM EDT.
- Imperial Oil Limited (IMO) fell by ~0.2%
- Petrobras Argentina SA (PZE) fell by ~0.3%
- Aegean Marine Petroleum Network (ANW) fell by ~0.8%
- EQT GP Holdings LP (EQGP) fell by ~1.8%
- YPF (YPF) fell by ~3%
The following article explains the performance of copper on Tuesday, August 16.