Energy Stocks Advance After Crude Oil Pushes Past $53 Per Barrel

Energy stocks were broadly higher this afternoon, with the NYSE Energy Sector Index rising over 1.4% while shares of energy companies in the S&P 500 were up 0.9% as a group. Crude oil for January delivery was up $1.76 at $53.26 per barrel while January natural gas futures were 18 cents lower at $3.56 per 1 million BTU.

In company news, Scorpio Tankers (STNG) declined Monday after the petroleum tanker company said it received a $27.6 million increase to its credit facility with BNP Paribas that will be used to refinance existing debt for two of its MR product tankers.

The added borrowing capacity matures in December 2021 and bears annual interest at LIBOR plus 2.3%, the company said today in a press release.

The stock also may picking up support today from a new regulatory filing by FMR LLC that shows the parent company of Fidelity Investments now owns a 10.16% passive stake in Scorpio Tankers after acquiring slightly more than 19 million shares.

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