Sector Update: Energy Stocks Advance in Friday Afternoon Trading

MT Newswires Live10-12

Energy stocks rose Friday afternoon with the NYSE Energy Sector Index up 0.4% and the Energy Select Sector SPDR Fund (XLE) adding 0.7%.

The Philadelphia Oil Service Sector index rose 0.8%, and the Dow Jones US Utilities index climbed 0.7%.

West Texas Intermediate crude oil fell 1.1% to $75.04 a barrel, while global benchmark Brent dropped 0.9% to $78.68 a barrel. Henry Hub natural gas futures declined 1.4% to $2.64 per 1 million BTU.

In corporate news, US Energy (USEG) shares jumped past 7% after the company regained compliance with Nasdaq's minimum bid price rules.

Duke Energy's (DUK) Florida unit said Friday it's assessing the damage caused by Hurricane Milton and has started power restoration in affected areas. Duke shares were rising 0.7%.

BP (BP) shares shed 0.4% after the company said it expects Q3 net debt to rise as a result of lower refining margins and the "rephasing" of about $1 billion of divestment proceeds into Q4.

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