Broader markets drifted slightly lower on Monday, June 5, though energy indexes saw a deeper decline despite a short rise in oil prices in the wake of several Persian Gulf nations breaking diplomatic relations with Qatar.
The Dow Jones Industrial Average was down 0.10% to 21,184.04, and the S&P 500 slid 0.12% to 2,436.10. The SNL Energy Index also declined, losing 0.32% to end the day at 290.57.
With Saudi-Qatar rift increasing, some experts are of the opinion that U.S. LNG exports could see a boost as Qatar, the largest LNG producer, is confronted by trade embargoes from neighboring countries.
The SNL Midstream Index managed to make gains by adding 0.06% to close at 113.28, although major players in the sector posted mixed results.
Big midstream players like Enterprise Products Partners LP and Kinder Morgan Inc. booked marginal gains, while Plains All American Pipeline LP and Energy Transfer Equity LP closed in the red. Enterprise Products added 0.04% to $26.78 on active trading and Kinder Morgan shares increased 0.05% to $18.96 on average volume.
Plains All American stock decreased 0.27% to $26.26 on slightly below-average volume, and Energy Transfer Equity units shed 0.53% to end Monday's active session at $16.97.
Williams Partners LP closed an offering of $1.45 billion of its 3.750% senior notes due 2027. The partnership saw its share price grow 0.49% to $39.01 on thin volume.
TransCanada Corp. stock added 0.36% to reach $47.10 on above-average volume after closing the divestiture of its remaining merchant generation power assets totaling 4,000 MW in the U.S. Northeast to an LS Power Equity Advisors LLC affiliate in a deal valued at about $2.1 billion.
Additionally, Canada's National Energy Board has named a panel to gather comments on TransCanada's proposed C$15.7 billion Energy East pipeline network.
Vivint Solar Inc. secured $100 million in tax equity commitments from two repeat investors. These commitments will enable Vivint to design, procure and build about 70 MW of solar energy systems. The solar power producer's shares spiked 4.84% to $3.25 after an active day.
The SNL Merchant Generator Index started off the week losing 0.42% to 89.02.
U.S. Environmental Protection Agency Administrator Scott Pruitt said in an interview on NBC's "Meet the Press" that coal industry employment in the U.S. has grown by 50,000 jobs. He later corrected his comments to clarify he meant to say "mining" jobs instead of "coal" jobs. The U.S. Bureau of Labor Statistics in a June 2 report said the entire mining industry added 7,000 jobs in May.
Among major coal producers, Westmoreland Coal Co. fell 7.09% to $5.77 on active volume and Natural Resource Partners LP lost 1.93% to $27.95 on below-average volume, while Peabody Energy Corp. gained 2.56% to reach $24 after an active day.
The SNL Coal Index slipped 0.02% to end Monday at 62.83.
July natural gas futures seesawed through the week's opening session and finished near unchanged in shallow negative territory. The contract moved in a range from $2.935/MMBtu to $3.047/MMBtu and settled the Monday, June 5, trading day 1.7 cents lower at $2.982/MMBtu.
Market prices and index values are current as of the time of publication and are subject to change.