U.S. equities again ended lower on Friday, March 23, amid intensifying investor concern over a trade war with China. Most energy sectors followed the broader market trends into negative territory.
The Dow Jones Industrial Average decreased 1.77% to close the day at 23,533.20, and the S&P 500 lost 2.10% to finish at 2,588.26.
Among top performers in midstream, Crestwood Equity Partners LP shares added 1.91% to finish at $26.65, and Southwestern Energy Co. gained 0.92% to end the day at $4.41, both on light volumes. QEP Resources Inc. shares climbed 2.92% on average volume to finish at $9.52.
British Columbia's government is offering tax breaks and other incentives as one of the province's last proposed LNG projects nears a final investment decision. Royal Dutch Shell PLC's LNG Canada would be the first project under the new regime. Shell's class A shares increased 0.06% to finish at $62.41 and class B stock added 0.25% to close the day at $64.01, both on above-average volumes.
Devon Energy Corp.'s tender offer for certain of its debt securities issued by Devon or Devon Financing Co. LLC has been fully subscribed as of the early tender date. Devon Energy's stock price retreated 0.19% to end the session at $32.23 on weak volume.
SemGroup Corp. shares slid 3.40% to close the day at $21.30 on lean volume, Williams Cos. Inc. shares lost 3.17% to finish at $25.64 on strong volume and Holly Energy Partners LP stock declined 2.72% in robust trading to end at $26.50.
Among gas utilities, ONE Gas Inc. shares fell 2.67% in about average trading volume to close the day at $63.55, and New Jersey Resources Corp. slipped 2.43% on thin volume to finish at $38.15.
In power, companies including Covanta Holding Corp., FirstEnergy Corp. and NRG Energy Inc. took losses.
Covanta closed a slow session 2.35% lower at $14.55, FirstEnergy shares lost 2.06% in light trading to end at $33.74 and NRG declined 1.68% on slightly below-average volume to end the week at $29.79.
In renewables, First Solar Inc. shares declined 2.00% to finish the session at $70.65 on thin volume, while Vivint Solar Inc. stock grew 1.35% in brisk trading to end at $3.75.
PNM Resources Inc. lost 2.02% in light trading to finish at $36.45, Great Plains Energy Inc. shed 1.54% in average trading volume to close at $29.98 and Southern Co. shares retreated 1.60% on thin volume to end at $43.11.
April natural gas futures extended losses, lacking fundamental support to move higher. The contract slipped to a $2.579/MMBtu low before settling the week's closing session 2.6 cents lower at $2.591/MMBtu.
Market prices and index values are current as of the time of publication and are subject to change.