Sector Update: Energy Stocks Softer in Monday Afternoon Trading

MT Newswires Live10-15

Energy stocks fell Monday afternoon with the NYSE Energy Sector Index easing 0.2% and the Energy Select Sector SPDR Fund (XLE) dropping 0.3%.

The Philadelphia Oil Service Sector index declined 1.1%, while the Dow Jones US Utilities index rose 0.8%.

The Organization of the Petroleum Exporting Countries cut its 2024 and 2025 global oil demand projections while holding supply estimates steady. In its latest monthly oil report, the cartel lowered its demand growth estimate for this year to 1.93 million barrels a day from 2.03 million projected in September.

West Texas Intermediate crude oil declined 2.2% to $73.93 a barrel, while global benchmark Brent dropped 1.9% to $77.56 a barrel. Henry Hub natural gas futures tumbled 5.1% to $2.498 per 1 million BTU.

In corporate news, Vistra (VST) shares jumped 5.9% after BNP Paribas Exane initiated the company at outperform with a $231 price target.

Solarbank (SUUN) shares rose 1.9% as the company plans to develop the 7 MW DC ground-mount Stauffer solar power project in Lancaster County, Pennsylvania.

Arch Resources (ARCH) and Consol Energy (CEIX) said the waiting period under the Hart-Scott-Rodino antitrust act expired Friday, removing a regulatory hurdle in their pending merger. Arch shares shed 0.9%, and Consol fell 1.2%.

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