$ENB

Sector Update: Energy Stocks Rise Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.2%.Crude prices rose Wednesday as Iran said it seized two container ships in the Strait of Hormuz, indicating heightened tensions even as President Donald Trump extended a ceasefire with Tehran. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz, a key oil chokepoint. Trump extended a two-week ceasefire deal with Tehran late Tuesday, though he said the naval blockade of Iranian ports would continue.Front-month West Texas Intermediate crude oil was rising 3.9% to $93.12 a barrel, and the global benchmark Brent crude contract was advancing 3.5% to $101.88 a barrel. Henry Hub natural gas futures rose 1.1% to $2.73 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2.2 million barrels in the week ended April 17 following a decrease of 5.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.9 million barrels after a 900,000-barrel decline in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, GE Vernova (GEV) shares jumped past 12% after it reported Wednesday a year-over-year jump in Q1 earnings and revenue, and raised its annual revenue forecast.Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg reported. Exxon shares added 0.4%.The US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court. Enbridge shares were down 0.3%.

Sector Update: Energy

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.2%.Crude prices rose Wednesday as Iran said it seized two container ships in the Strait of Hormuz, indicating heightened tensions even as President Donald Trump extended a ceasefire with Tehran. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz, a key oil chokepoint. Trump extended a two-week ceasefire deal with Tehran late Tuesday, though he said the naval blockade of Iranian ports would continue.Front-month West Texas Intermediate crude oil was rising 3.9% to $93.12 a barrel, and the global benchmark Brent crude contract was advancing 3.5% to $101.88 a barrel. Henry Hub natural gas futures rose 1.1% to $2.73 per 1 million BTU.In corporate news, the US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court. Enbridge shares were down 0.2%.

Update: Supreme Court Rejects Enbridge's Bid to Move Pipeline Case to Federal Court

(Updates with Enbridge's response in the fourth paragraph.)The US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court.The attorney general for the state of Michigan filed the lawsuit in June 2019 in state court seeking to block Enbridge from operating the 645-mile-long pipeline that runs from northwestern Wisconsin through Michigan and into Canada."The Court of Appeals therefore correctly held that Enbridge's notice of removal was untimely and that this action must be remanded to the Michigan state court," said Justice Sonia Sotomayor, who delivered the opinion for the court. "The judgment of the Court of Appeals is affirmed.""Setting aside the procedural decision, the fact remains that the safety of Line 5 is regulated exclusively by the Pipeline and Hazardous Materials Safety Administration," Enbridge said in an emailed statement to. "PHMSA conducts annual inspections and reviews of Line 5's operations across the Straits of Mackinac and has consistently found the pipeline to be in compliance, identifying no safety issues that would warrant its shutdown."Price: $51.95, Change: $+0.09, Percent Change: +0.18%

Supreme Court Rejects Enbridge's Bid to Move Pipeline Case to Federal Court

The US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court.The attorney general for the state of Michigan filed the lawsuit in June 2019 in state court seeking to block Enbridge from operating the 645-mile-long pipeline that runs from northwestern Wisconsin through Michigan and into Canada."The Court of Appeals therefore correctly held that Enbridge's notice of removal was untimely and that this action must be remanded to the Michigan state court," said Justice Sonia Sotomayor, who delivered the opinion for the court. "The judgment of the Court of Appeals is affirmed."Enbridge didn't immediately reply to a request for comment from.Price: $51.92, Change: $+0.06, Percent Change: +0.13%

Supreme Court Rejects Enbridge's Bid to Move Pipeline Case to Federal Court

Sector Update: Energy Stocks Rise Premarket Thursday

Energy stocks were rising premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.5%.The United States Oil Fund (USO) was up 1.3% and the United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 1.4% higher at $92.50 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $96.69 per barrel, and natural gas futures were up 0.3% at $2.62 per 1 million British Thermal Units.TotalEnergies (TTE) shares were up more than 3% after the company said Q1 exploration and production results are expected to rise significantly, supported by higher oil prices and contributions from new projects.Equinor (EQNR) stock was up more than 1% after the company said it expects stronger Q1 results in its marketing, midstream, and processing division.Enbridge's (ENB) Enbridge Energy has received US presidential permits to operate and maintain the existing pipeline facilities at the US-Canada border in St. Clair County, Michigan, and Pembina County, North Dakota, the White House said. Enbridge shares were 0.4% higher premarket.

Enbridge Energy Secures US Presidential Permit for Three Border Pipelines in North Dakota

Enbridge Energy, an indirect subsidiary of Canadian energy infrastructure company Enbridge (ENB), has secured a US presidential permit to operate three pipeline facilities at the international border of the US and Canada in Pembina, North Dakota, the White House said Wednesday.The permit allows Enbridge Energy to operate and maintain three existing facilities and transport crude oil and petroleum products, including naphtha, liquefied petroleum gas, natural gas liquids, jet fuel, gasoline, kerosene, and diesel, between the US and Canada through the three existing facilities.It does not include the approval to transport natural gas however, subject to section 3 of the Natural Gas Act, the statement said.The new permit replaces a previous presidential approval issued to the company on Dec. 12, 1991.The company had applied for an amendment to its existing permit in January this year, the statement said.