Sector Update: Energy

MT Newswires Live06-07

Energy stocks rose Thursday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each increasing 0.2%.

The Philadelphia Oil Service Sector index climbed 0.5%, and the Dow Jones US Utilities index shed 0.2%.

West Texas Intermediate crude oil rose 2.1% to $75.65 a barrel, while global benchmark Brent crude advanced 1.9% to $79.91 a barrel.

US natural gas stocks rose by 98 billion cubic feet in the week ended May 31, above the 92 billion gain expected in a survey compiled by Bloomberg as of 7:40 am ET and following an increase of 84 billion in the previous week. Stocks at 2.893 trillion rose 15% from a year earlier and gained 25% versus the five-year average.

Henry Hub natural gas futures climbed 0.8% to $2.778 per 1 million BTU.

In corporate news, Weatherford International (WFRD) said the drilling-services contract with Bapco Upstream, a Bapco Energies subsidiary, will be replaced with a new five-year contract. Weatherford shares were little changed.

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