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Thursday's Energy Stocks: Markets, sector down ahead of jobs report

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


Thursday's Energy Stocks: Markets, sector down ahead of jobs report

Broadmarkets and most energy companies gave back their previous day's gains after alackluster performance on Thursday, Oct. 6. The Dow Jones Industrial Averagedropped 0.07% to18,268.50, the S&P 500 ticked up 0.05% to 2,160.77 and the SNL Energy Indexslipped 0.29% to 274.36.

Inanticipation of a potentially strong U.S. jobs report on Friday, the 10-yearTreasury yield hit a three-week high, climbing 2.3 basis points to 1.741%.

shed2.21% in below-average volume to close at $6.65, after $1.25 billion of 5.5%convertible senior notes due 2026 and closing an agreement to exchange about110.3 million shares of its common stock for about $1.2 billion in liquidationvalue of convertible preferred stocks. "These transactions represent majorsteps toward reaching our financial goals of [$2 billion to $3 billion] of debtreduction and growing production within free cash flow," CEO Doug Lawlersaid.

Themoves were sufficientfor Wunderlich Securities to reiterate its "buy" rating for thecompany. Wunderlich Senior Vice President of Equity Research Jason Wangler toldS&P Global Market Intelligence that Chesapeake is taking the right steps,and more debt-cutting moves should be forthcoming.

Mostexchange-traded funds tracking pipeline operators and master limitedpartnerships pulledin money in September, but nearly $100 million of outflows from thelargest midstream ETF dragged the whole group into negative territory for themonth. Among the 11 midstream-focused funds tracked by S&P Global MarketIntelligence, Global X MLP ETF emerged as the winner with an influx of $22.4million.

Clockingthe biggest losses among midstream players for the day, slid 3.52% inabove-average volume to close at $18.92, Plains GP Holdings LP shed 3.11% in light trading to endat $13.08, and Shell MidstreamPartners LP dipped 2.14% in strong volume to finish at $30.25. TheSNL Midstream Index edged down 0.67% to 119.14.

Novembernatural gas futures settled the Oct. 6 trading session higher inlate-session buying, finishing well off the $2.972/MMBtu intraday low thatfollowed the midmorning release of the latest storage data from the U.S. EnergyInformation Administration. Although the storage report outlined alarger-than-anticipated injection for the review week, the still-shrinkingsurplus supported a recovery back above $3/MMBtu, with the contract settling7.7 cents higher at $3.041/MMBtu.

fell 2.45% inbelow-average volume to close at $12.76, after its senior note offering to$750 million from $500 million. Proceeds from the offering will help finance itsbuyout of Energy Capital PartnersIII LLC's stake in a joint venture formed to acquire 's U.S. fossil fuel-firedpower plants.

Amongother power producers, SolarCityCorp. declined 2.69% on weak volume to settle at $19.51, gaveup 1.67% on thin volume to close at $21.75 and receded 1.32% inlight trading to finish at $18.75. The SNL Merchant Generator Index closed0.68% lower to 86.96.

Buckingthe downward trend, the SNL Coal Index moved 0.77% higher to 73.74. rose3.55% on brisk volume to settle at $27.71, Cloud Peak Energy Inc. advanced 3.17% in average tradingto close at $5.53 and Westmoreland Resource Partners LP gained 1.35% in lighttrading to end at $5.99.

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