Eni SpA E has confirmed a tragic explosion at its fuel depot in Calenzano, located near Florence, Italy, early Monday morning. The explosion occurred at a loading bay, resulting in a fire that was swiftly extinguished by firefighters.

Fortunately, the blaze was confined to the loading shelter area and did not reach the fuel tanks containing gasoline, diesel and jet fuel. The facility, which is linked via pipeline to Eni’s Livorno oil refinery, has not been affected by the incident.

The explosion has tragically claimed the lives of two workers, with eight injured and four still missing as rescue efforts continue. Eni has expressed deep sympathy to the families of the deceased and to those affected by the incident. Local authorities, including Italy’s judiciary, have launched an investigation into the causes of the explosion, with Eni fully cooperating to determine the events leading up to the blast.

Eni has emphasized that it is too early to speculate on the exact cause of the explosion. The company is working closely with the relevant authorities to conduct thorough technical verifications. It is committed to ensuring that any detailed information related to the incident will be shared with the authorities while preserving the confidentiality of the ongoing investigation.

E has reassured the public that the tank farm area, which stores large quantities of fuel, was unaffected by the fire and that operations at the depot are not at risk.

While the exact cause of the explosion remains unclear, its immediate effects have highlighted the risks associated with handling volatile fuels. The tragedy at Calenzano underscores the need for robust safety protocols at storage facilities across the industry.

E’s Zacks Rank & Key Picks

E currently has a Zack Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, FuelCell Energy FCEL and Nine Energy Service NINE, each presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.

FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.

Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the demand for NINE’s services is anticipated to increase, which should position the company for growth in the long run.

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