ASX turbulence continues for gas

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S&P/ASX200: The ASX200 fell 91 points or almost 2 per cent this week – trading at 5,288.60 at Friday’s open.

The market’s energy index slipped a full five per cent over the past seven days with some of the country’s biggest oil and gas companies stocks suffering from poor results announcements.

Top Declines:

Santos shares fell 7 per cent off the back of Friday’s earnings announcement, which saw profits trimmed by 82 per cent and the company’s long-time CEO David Knox resign from his post.

Origin Energy stocks fell 13 per cent to $8.6 per share at Friday’s open after a similarly as disappointing FY15 earnings announcement, which saw the company post a statutory loss of more $650 million. 

Senex Energy stocks fell more than 12 per cent to $0.14 per share at Friday’s open despite the company on Friday announcing a cash saving plan for FY16.

LNG Limited stocks fell 9 per cent despite the firm announcing the Canadian government had approved export licenses from their Nova Scotia assets – trading at $2.50 at Friday’s open.

Beach Energy stocks fell 7.6 per cent in the wake of the company’s optimistic strategy review, which outlined an ambitious bid to achieve ASX top 50 status in the next decade – trading at $0.72 at Friday’s open.

Top Gainers:

Exploration firm, Blue Energy shares increased 22 per cent over the past week after announcing a $1.8 million tax refund.

Energy stocks jumped 52 per cent after the company announced it had signed a US$100 million farm out deal with American Energy Partners for 21.5 million acres of the company’s 34 million acre McArthur Basin, Northern Territory exploration project.

Exoma Energy stock increased 24 per cent over the past seven days after a general meeting was held and it was decided that the company would change its name to Gruden Group. Exoma entered into a share sale agreement to purchase Gruden Group last year.

APA Group shares rose slightly reaching $8.78 at Friday’s close. The Australian newspaper on Friday reported that APA Group had expressed interest in purchasing Energy Australia’s $1 billion Iona Gas Plant, which is estimated to generate $80 million in revenue annually. 

Australia domestic gas prices fell slightly in all regions except Adelaide, according to the latest gas price report from the Australian Energy Regulator.

Victoria, Sydney and Brisbane saw double digit declines in each state’s gas market, ranging from 11 to 17 per cent falls. Meanwhile, Adelaide recorded at 1 per cent increase.

Domestic gas prices are up across the board, year on year.

NYMEX Crude Oil prices sank to a new six-year low on Thursday (US time) to $US42.9 a barrel. The new low marks a 34 per cent decline over the past three months, and 56 per cent fall from one year ago.

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