Sector Update: Energy Stocks Advance in Late Tuesday Afternoon Trading

MT Newswires Live09-18 03:49

Energy stocks advanced late Tuesday afternoon with the NYSE Energy Sector Index adding 0.8% and the Energy Select Sector SPDR Fund (XLE) rising 1.2%.

The Philadelphia Oil Service Sector index climbed 3.1%, and the Dow Jones US Utilities index eased 0.3%.

West Texas Intermediate crude oil rose 1.9% to $71.43 a barrel, and global benchmark Brent advanced 1.6% to $73.90 a barrel. Henry Hub natural gas futures dropped 2.3% to $2.32 per 1 million BTU.

In corporate news, NextEra Energy's (NEE) resources development unit was by the US Department of Energy to negotiate a carbon-pollution-free electricity generation project at the agency's waste isolation pilot plant in New Mexico. NextEra Energy shares rose 0.2%.

Odyssey Marine Exploration (OMEX) was awarded $37.1 million in its arbitration against Mexico under Chapter 11 of the North American Free Trade Agreement. Odyssey shares tumbled 89%.

GE Vernova (GEV) shares gained 2.7%. The company's gas power services segment is expected to see significant growth driven by accelerating US electricity demand, BofA Securities said in a report. BofA upgraded its rating on the stock to buy from neutral and raised its price objective to $300 from $200.

VivoPower (VVPR) shares tumbled 29% after the company agreed to merge with Future Automotive Solutions & Technologies in an all-stock deal.

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