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Monday's Energy Stocks: Energy sector weathers broader selloff

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Monday's Energy Stocks: Energy sector weathers broader selloff

Most energy equities capped the March 12 trading day with gains, while broader markets finished slightly lower, coming off a prior week of gains.

On Monday, the Dow Jones Industrial Average declined 0.62% to close at 25,178.61, while the S&P 500 saw a decrease of 0.13% to end at 2,783.02.

Tellurian Inc. shares rose 5.45% in active trading to finish at $8.51, after unveiling plans to buy 15 Tcf of natural gas to feed its Driftwood Holdings LNG project. The planned acquisitions, to be executed by Tellurian subsidiary Driftwood Holdings LLC, would provide supply over the project life and be funded through proceeds of third-party investments in Driftwood Holdings.

Chesapeake Energy Corp. is being pushed off the S&P 500 because its market value has remained below the minimum level required for listing on the large-cap stock index. Chesapeake saw an increase of 0.32% on light volume to close the trading day at $3.11.

Sanchez Midstream Partners LP is planning to sell up to $500 million of any combination of its securities. The partnership lifted 4.09% in above-average trading to settle at $11.45.

Noble Midstream Partners LP climbed 2.72% on light volume to end the day at $49.82. The partnership extended and upsized its revolving credit facility to help with general corporate purposes.

Among utilities, top gainers include Avista Corp. which spiked 5.66% in brisk trading to close at $50.80, Edison International which added 1.38% in light trading to finish at $60.20, and PPL Corp., which climbed 1.27% on below-average volume to close at $27.89.

Coal stocks closed mixed with Ramaco Resources Inc. shedding 10.23% on below-average volume to $6.14, Arch Coal Inc. declining 0.53% in light trading to $93.21, and with Alliance Resource Partners LP advancing 1.70% on weak volume to $17.95.

According to Jeremy Sussman, head of U.S. equity research for metals and mining at Clarksons Platou Securities, tariffs on imported steel are "clearly positive" for producers like Arch Coal and Ramaco Resources.

The front-month April contract found a low for the day at $2.718/MMBtu during overnight trade and rallied to a $2.804/MMBtu intraday high at midmorning but struggled to stay atop the $2.80/MMBtu point of resistance and closed the week's opening session 4.6 cents higher on the day at $2.778/MMBtu.

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