Markets ended higher on Friday, Oct. 11, after the U.S. and China struck a partial deal to ease trade tensions by delaying planned increases in some tariffs and increasing the exchange of agricultural products.
Oil prices bumped up after two missiles hit an Iranian oil tanker in the Red Sea, raising concerns about heightening geopolitical tensions between Iran and Saudi Arabia.
The Dow Jones Industrial Average grew 1.21% to 26,816.59, and the S&P 500 rose 1.09% to 2,970.27. Brent Crude Oil jumped 2.67% to $60.68 per barrel.
Canadian oil and gas exploration and production firm Tourmaline Oil Corp. saw shares leap 15.02% on heavy trading to close at C$12.33. The company announced the formation of a new private royalty and infrastructure energy company called Topaz Energy Corp.
CNX Resources Corp. shares climbed 2.39% to $7.28 in light trading. The Pennsylvania Department of Environmental Protection reached a consent agreement with CNX Resources subsidiary CNX Gas Company LLC over well-plugging violations in four counties.
Cheniere Energy Inc. shares gained 2.15% to wrap a roughly average session at $62.66. Cheniere Corpus Christi Holdings LLC entered into a note purchase agreement to issue and sell $475 million of its 3.925% senior secured notes due 2039.
Viper Energy Partners LP stock grew 1.89% in active trading to $26.96. The company and Viper Energy Partners LLC entered into a third amendment to its senior secured revolving credit agreement to increase the maximum amount of senior subordinated notes the companies can issue to $1 billion from $400 million.
Petróleo Brasileiro SA, or Petrobras, and Equinor ASA signed a memorandum of understanding for the joint development of natural gas projects. Equinor shares on the New York Stock Exchange added 1.57% to $18.77 on below-average volume.
NGL Energy Partners LP shares dropped 3.38% to $12.00 on above-average volume; TC PipeLines LP stock lost 1.70% to close a below-average day at $38.69; and Holly Energy Partners LP units chipped off 1.38% to $22.22 on active volume.
The S&P 500 Energy Index increased 1.40% to 428.04, and the Alerian MLP Index picked up 0.28% to 223.46.
In the electricity and multiutilities business, PG&E Corp. shares gained 2.95% on more than 4x average volume to $8.02. Principal utility Pacific Gas and Electric Co. continued to maintain power shutoffs to hundreds of thousands of its customers in California after high winds and dry weather conditions prompted concerns that circuits could ignite wildfires.
Also in California, Edison International shares shed 3.85% to $71.33 on active volume as wildfires threatened portions of utility subsidiary Southern California Edison's service territory.
Algonquin Power & Utilities Corp. shares shrank 2.11% to C$18.06 in heavy trading on Toronto Stock Exchange. The utility priced an upsized public offering of 23 million common shares at $13.50 apiece for total gross proceeds of $310.5 million.
Pattern Energy Group Inc. stock listed on Nasdaq dropped 2.61% to $26.14 on about average volume. The company agreed to acquire interests in two operational wind farms for $293 million, plus the assumption of the related project finance loans.
National Fuel Gas Co. shares advanced 3.29% to finish a robust session at $44.92. The company's failure to win a change of venue to reconsider New York state's permit denial for its Northern Access gas pipeline will not delay the planned startup of the project.
Among other movers, WEC Energy Group Inc. stock retreated 1.41% to $93.81 on close to average volume, and water utility American Water Works Co. Inc.'s stock gave away 1.09% to $123.69 on below-average volume. Meanwhile, National Grid PLC shares trading on the New York Stock Exchange advanced 3.60% to $55.78 on more than double average volume, and PPL Corp. shares picked up 2.85% to $31.43 in heavy trading.
The S&P 500 Utilities Index decreased 0.35% to 324.41.
Market prices and index values are current as of the time of publication and are subject to change.
