Sector Update: Energy Stocks Ease in Thursday Afternoon Trading

MT Newswires Live10-25

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index off 0.2% and the Energy Select Sector SPDR Fund (XLE) down 0.3%.

The Philadelphia Oil Service Sector index was posting a 0.7% decline, and the Dow Jones US Utilities index was shedding 0.6%.

Front-month West Texas Intermediate crude oil fell 1.1% to $69.98 a barrel while the global benchmark Brent crude contract was down 1% to $74.23 a barrel. Henry Hub natural gas futures jumped 5.3% to $2.47 per 1 million BTU.

US natural gas stocks rose by 80 billion cubic feet in the week ended Oct. 18, larger than the 65 billion gain expected in a survey compiled by Bloomberg and following an increase of 76 billion cubic feet in the previous week.

In corporate news, Expro (XPRO) shares tumbled nearly 14%. The company reported Q3 adjusted EPS of $0.23, swinging from an adjusted loss of $0.06 a year earlier. Analysts polled by Capital IQ expected a profit of $0.27.

KKR (KKR) has agreed to buy a 25% stake in Eni's (E) Enilive unit for about 2.94 billion euros ($3.18 billion), Eni said Thursday. Eni shares added 0.8%, and KKR was rising 3.9%.

TechnipFMC (FTI) shares popped 2.7% after the company reported higher Q3 adjusted earnings and revenue.

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