Sector Update: Energy Stocks Ease in Friday Afternoon Trading

MT Newswires Live2024-11-16

Energy stocks were decreasing Friday afternoon, with the NYSE Energy Sector Index down 0.3% and the Energy Select Sector SPDR Fund (XLE) shedding 0.2%.

The Philadelphia Oil Service Sector index fell 1.7%, while the Dow Jones US Utilities index added 0.9%.

Front-month West Texas Intermediate crude oil was falling 2.3% to $67.09 a barrel while the global benchmark Brent crude contract was dropping 2% to $71.09 a barrel. Henry Hub natural gas futures were 0.8% higher at $2.81 per 1 million BTU.

In corporate news, Sable Offshore (SOC) shares fell 4.5%. The company reported a Q3 net loss Thursday of $255.6 million, wider than the $44.1 million loss expected by two analysts polled by Capital IQ.

FuelCell Energy (FCEL) shares tumbled 10.9%. The company said Friday it will cut 17% of its workforce as part of a global restructuring plan aimed at reducing costs amid slower-than-expected clean energy investments.

Consolidated Water (CWCO) shares popped 4.9% after the company late Thursday reported Q3 earnings and revenue that beat analysts' estimates.

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