Sector Update: Energy Stocks Gain Late Afternoon

MT Newswires Live11-01

Energy stocks advanced late Thursday afternoon, with the NYSE Energy Sector Index up 0.8% and the Energy Select Sector SPDR Fund (XLE) rising 1.1%.

The Philadelphia Oil Service Sector index climbed 1.3%, and the Dow Jones US Utilities index added 1.2%.

West Texas Intermediate crude oil rose 3.1% to $70.72 a barrel, and global benchmark Brent advanced 0.8% to $73.16 a barrel.

US natural gas stocks rose 78 billion cubic feet in the week ended Friday, below the 83 billion increase expected in a survey compiled by Bloomberg and following the gain of 80 billion in the previous week.

Henry Hub natural gas futures slumped 5% to $2.70 per 1 million BTU.

In corporate news, Southern (SO) shares popped 2.4%. The company reported Q3 adjusted earnings that topped estimates by analysts.

Veren (VRN) shares sank 13% after reporting Q3 adjusted earnings Thursday of 0.29 Canadian dollar ($0.21) per share, down from CA$0.59 a year earlier. A single analyst polled by Capital IQ expected CA$0.35.

Peabody Energy (BTU) shares jumped past 7% after the company reported quarterly results that exceeded analysts' forecasts.

Entergy (ETR) shares surged past 15% after the company raised the lower end of its fiscal 2024 earnings outlook.

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