Sector Update: Energy Stocks Advance Late Afternoon

MT Newswires Live
Oct 02

Energy stocks rose late Wednesday afternoon, with the NYSE Energy Sector Index edging up 0.2% and the Energy Select Sector SPDR Fund (XLE) adding 0.3%.

The Philadelphia Oil Service Sector Index climbed 1.9%, and the Dow Jones US Utilities Index increased 0.1%.

West Texas Intermediate crude oil declined 0.6% to $61.98 a barrel, and global benchmark Brent decreased 0.7% to $65.54 a barrel. Henry Hub natural gas futures jumped 5.1% to $3.47 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.5 million barrels in the week ended Friday following a decrease of 400,000 in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.8 million after a decline of 600,000 in the previous week.

In corporate news, US crude production growth will stall if oil prices remain near $60 a barrel, Diamondback Energy (FANG) Chief Executive Officer Kaes Van't Hof said Wednesday at an energy conference in Austin, Reuters reported. Diamondback shares rose 0.5%.

BlackRock-owned (BLK) Global Infrastructure Partners is close to acquiring utility group AES (AES) in a roughly $38 billion deal, the Financial Times reported. AES shares jumped past 16%.

The US government is set to acquire a stake in Lithium Americas (LAC), Secretary of Energy Chris Wright said Tuesday on Bloomberg TV, in a major support to the company's lithium project development in Nevada. Lithium shares surged 23%.

Equinor's (EQNR) offshore Empire Wind 2 project near New York could be reconsidered by the Trump administration, Bloomberg reported, citing a Tuesday filing with a US federal court. Equinor shares added 1%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10