Sector Update: Energy

MT Newswires Live2024-08-16

Sector Update: Energy

Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 1.2%.

The Philadelphia Oil Service Sector Index climbed 2.1%, while the Dow Jones US Utilities index was shedding 0.2%.

Front-month West Texas Intermediate crude oil was rising 1.7% to $78.32 a barrel while the global benchmark Brent crude contract was advancing 1.8% to $81.18 a barrel.

US natural gas stocks fell by 6 billion cubic feet in the week ended Aug. 9, compared with the 1 billion cubic feet increase expected in a survey compiled by Bloomberg and following an increase of 21 billion cubic feet in the previous week. Stocks at 3.264 trillion cubic feet were 6.8% higher than in the comparable week a year ago and 13% above their 5-year average.

Henry Hub natural gas futures were 1.7% higher at $2.26 per 1 million BTU.

In corporate news, HNR Acquisition (HNRA) shares were adding 1% after saying it's making upgrades to increase the capacity and improve the reliability of electrical systems of its oil and natural gas assets in the Permian Basin.

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