Sector Update: Energy Stocks Rise in Friday Afternoon Trading

MT Newswires Live10-05

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 0.8%.

The Philadelphia Oil Service Sector index was posting a 1.1% increase, and the Dow Jones US Utilities index was shedding 0.3%.

Front-month West Texas Intermediate crude oil was rising 2.2% to $75.32 a barrel while the global benchmark Brent crude contract was advancing 1.8% to $79.05 a barrel. Henry Hub natural gas futures slumped 4.3% to $2.84 per 1 million BTU.

In corporate news, Tellurian (TELL) said Friday that its shareholders have approved the merger agreement with Woodside Energy (WDS) during a special meeting. Tellurian shares rose 0.3% and Woodside gained 1.2%.

Williams (WMB) may see growth driven by its essential natural gas pipeline assets, particularly as midstream investors increasingly focus on growth visibility, Morgan Stanley said in a note. Morgan Stanley upgraded Williams to overweight from equal-weight and raised its price target to $58 from $52. Williams shares popped 2.5%.

Martin Midstream Partners (MMLP) shares jumped nearly 10% after the company said it has agreed that Martin Resource Management will buy all of its remaining outstanding shares in an all-cash deal for $4.02 per common unit.

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