COM - Energy stocks trade flat - masking volatility under the surface

Energy equity indices (XLE) traded flat Tuesday, masking volatility under the surface. Natural gas (UNG) favorites Antero (AR), Southwestern (SWN) and EQT (EQT) dropped ~10%, after Freeport LNG announced that a fire would lead to an extended outage at the nation's largest gas export facility. US natural gas (NG1:COM) prices fell ~15%, and European prices rose ~18%, as traders positioned for reduced export volumes from Freeport LNG. OPEC released official production statistics for May, showing falling production on the back of outages in Libya and tepid growth from Saudi and the UAE. The White House announced additional SPR sales, though a report from the American Petroleum Institute showed inventories of oil and oil products continued to fall. Refiners (CRAK) traded well on the day, with PBF (PBF) and CVR (CVI) up ~4%, as bullish revisions from Wall Street and a fire at the Lyondell (LYB) refinery in Texas boosted share

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Energy stocks trade flat - masking volatility under the surface