Sector Update: Energy Stocks Rise in Thursday Afternoon Trading

MT Newswires Live09-13

Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index adding 0.9% and the Energy Select Sector SPDR Fund (XLE) up 1%.

The Philadelphia Oil Service Sector index climbed 1.4%, and the Dow Jones US Utilities index was up 0.2%.

Front-month West Texas Intermediate crude oil was rising 2.7% to $69.10 a barrel while the global benchmark Brent crude contract was advancing 2.3% to $72.21 a barrel. Henry Hub natural gas futures jumped 5% $2.38 per 1 million BTU.

US natural gas stocks rose by 40 billion cubic feet in the week ended Sept. 6, below the 48 billion increase expected in a survey compiled by Bloomberg and following an increase of 13 billion cubic feet in the previous week.

In corporate news, CN Energy (CNEY) shares plunged 43.5% after the company said late Wednesday that it has been notified that it's not in compliance with Nasdaq's minimum market value rule.

Altus Power (AMPS) shares added 0.9% after the company said Thursday that it has added two operational solar projects in Colorado with a combined capacity of 2.5 megawatts.

Gran Tierra Energy (GTE) said Thursday it plans a private offering of additional 9.5% senior secured amortizing notes due 2029. Its shares rose 0.2%.

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