Sector Update: Energy Stocks Decline Tuesday Afternoon

MT Newswires Live
8 hours ago

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.3%.

The Philadelphia Oil Service Sector Index was climbing 0.9%, and the Dow Jones US Utilities Index was adding 0.6%.

Front-month West Texas Intermediate crude oil was declining 0.6% to $65.92 a barrel, and the global benchmark Brent crude contract was shedding 0.6% to $71.07 a barrel. Henry Hub natural gas futures decreased 0.6% to $2.97 per 1 million BTU.

In corporate news, Shell (SHEL), TotalEnergies (TTE), Eni (E), Exxon Mobil (XOM) and other shareholders in Kazakhstan's Kashagan oilfield have started arbitration proceedings against a roughly $4.6 billion environmental fine, Reuters reported, citing a Shell spokesperson. Kazakhstan's government fined the consortium that includes Shell for ecological violations over excessive volumes of poisonous sulphur at the site, the report said. Shell was up 0.8%, TotalEnergies rose 1.1%, Eni added 0.6%, and Exxon was shedding 0.8%.

Alphabet's (GOOGL) Google has signed an electric service agreement with Xcel Energy (XEL) for the power supply of a new data center in Pine Island, Minnesota, Xcel said Tuesday. Xcel shares added 0.4%.

AES (AES) shares rose 0.5% after it announced agreements to develop energy generation projects that will be co-located with a new data center in Wilbarger County, Texas, for Google.

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