Sector Update: Energy Stocks Rise in Friday Afternoon Trading

MT Newswires Live06-29 01:51

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index up 0.6% and the Energy Select Sector SPDR Fund (XLE) adding 0.5%.

The Philadelphia Oil Service Sector index was posting a 1% increase, and the Dow Jones US Utilities index was falling 1.4%.

Front-month West Texas Intermediate crude oil was declining 0.2% to $81.56 a barrel and the global benchmark Brent crude contract was less than 0.1% higher at $86.45 a barrel. Henry Hub natural gas futures fell 2.9% to $2.61 per 1 million BTU.

In corporate news, Plug Power (PLUG) said Friday that it will recognize the US Inflation Reduction Act's tax credit benefits for the production of clean hydrogen in its upcoming quarterly financial results. Its shares were falling 4.7%.

Brookfield (BN) has attracted four bidders for its Spanish renewables company Saeta Yield, Reuters reported Friday. Bidders expected to file final offers include China Three Gorges, UAE's Masdar, and Engie and TotalEnergies (TTE), according to the report. Brookfield shares were fractionally lower.

Ocean Power Technologies (OPTT) shares were rising 19% after the company said it signed an original equipment manufacturer agreement with Teledyne Technologies' (TDY) Teledyne Marine unit.

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