Sector Update: Energy Stocks Decline in Wednesday Afternoon Trading

MT Newswires Live10-24

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.1% and the Energy Select Sector SPDR Fund (XLE) down 0.8%.

The Philadelphia Oil Service Sector index dropped 1.3%, while the Dow Jones US Utilities index was rising 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rebounded by 6.2 million barrels in the week ended Oct. 18 following a decrease of 1.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rebounded by 5.5 million barrels after a 2.2-million-barrel decline in the previous week, a much larger gain than the 1-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 1.4% to $70.73 a barrel while the global benchmark Brent crude contract was dropping 1.4% to $74.95 a barrel. Henry Hub natural gas futures were shedding 0.1% to $2.31 per 1 million BTU.

In corporate news, NextEra Energy Partners (NEP) shares tumbled 15% after the company reported a loss in Q3.

Range Resources (RRC) shares popped 2.5%. The company reported Q3 adjusted earnings Tuesday of $0.48 per diluted share, up from $0.46 a year earlier. Analysts polled by Capital IQ expected $0.45.

Matador Resources (MTDR) reported Q3 adjusted earnings Tuesday of $1.89 per diluted share, up from $1.86 a year earlier. Analysts polled by Capital IQ expected $1.65. Its shares were fractionally higher.

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