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Wednesday's Energy Stocks: Broader markets extend rally, Dow closes above 23,000

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Wednesday's Energy Stocks: Broader markets extend rally, Dow closes above 23,000

Wall Street concluded the Wednesday, Oct. 18, session with new records as the Dow Jones Industrial Average settled 0.70% higher at 23,157.60 and the S&P 500 finished up 0.07% at 2,561.26. The SNL Energy Index shed 0.61% to close at 289.56.

Shares of SunPower Corp. declined 1.77% in light trading to finish at $6.65. The company will supply 291 MW of its E-series and X-series solar panels to projects awarded to Total Solar and Groupe Carré in the second round of France's CRE tender process.

Among other solar stocks, TerraForm Power Inc. increased 4.78% on strong volume to end the day at $13.58, TerraForm Global Inc. climbed 1.03% in light trading to $4.90, and Vivint Solar Inc. edged up 2.70% in active trading to $3.80.

The SNL Merchant Generator Index ended 0.49% lower at 100.96.

After reporting its third-quarter earnings, Kinder Morgan Inc. shares retreated 0.54% on nearly twice average volume to close at $18.58. The company booked third-quarter adjusted EBITDA of $1.75 billion, a decrease from $1.77 billion in the prior-year third quarter. The S&P Global Market Intelligence consensus analysts' estimate of adjusted EBITDA was $1.72 billion.

Exxon Mobil Corp. slid 0.24% on below-average volume to settle at $82.76, after purchasing a crude oil terminal in the Permian Basin from Genesis Energy LP that will be anchored by production from its newly acquired Delaware Basin acreage. Genesis Energy moved 1.64% down to $23.92.

BP plc CEO Bob Dudley said in a speech that even a fast buildup of renewable energy will not prevent oil and gas from being the dominant sources of energy for the next several decades. The company closed 0.08% higher at $38.72, after robust trading.

Crestwood Equity Partners LP saw a decrease of 1.05% in light trading to end at $23.65, following the completion of its previously announced equity option agreement with Shell Midstream Partners LP for a 50% stake in Crestwood Permian Basin LLC, which owns the Nautilus gas gathering system. Shell Midstream Partners dipped 1.63% on light volume to close at $26.61.

According to a new analysis from the Brattle Group, the U.S. Department of Energy's recently proposed rulemaking to support baseload generation resources could be the savior for the coal and nuclear industry but only in the increasingly less-likely event that natural gas prices take a turn upward.

The SNL Gas Utility Index climbed 0.51% to 596.22, and the SNL Coal Index rose 0.22% to 65.73.

CSX Corp. shares were down 1.01% in below-average trading to close at $53.68, after reporting that its third-quarter export coal tonnage rose by 60% year over year, while domestic shipments fell 12% mostly on poor utility demand. Third-quarter seaborne volumes totaled 8.8 million tons, up from 5.5 million tons in the year-ago period, while metallurgical coal volumes were up 25% to 5 million tons and thermal volumes surged 153% to 3.8 million tons.

NYMEX November natural gas futures crumbled at midweek following a whipsaw Tuesday session that saw the contract shrink from a $3.026/MMBtu high to settle just 1.6 cents higher at $2.962/MMBtu. Unable to maintain the upside amid fundamental weakness spearheaded by weather, the contract tumbled 10.8 cents to a Wednesday, Oct. 18, settlement at $2.854/MMBtu.

Market prices and index values are current as of the time of publication and are subject to change.