Sector Update: Energy Stocks Rise Late Afternoon

MT Newswires Live11-19

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.5% and the Energy Select Sector SPDR Fund (XLE) climbing 1.4%.

The Philadelphia Oil Service Sector index was gaining 1.6%, and the Dow Jones US Utilities index was adding 0.8%.

Front-month West Texas Intermediate crude oil rose 3.2% to $69.15 a barrel while the global benchmark Brent crude contract advanced 3.2% to $73.33 a barrel. Henry Hub natural gas futures jumped 5% to $2.97 per 1 million BTU.

In corporate news, Petrobras (PBR) shares were up 2.4% after the Brazilian oil major said Monday it plans to invest $111 billion over a five-year period from 2025 to 2029.

Eco Wave Power Global (WAVE) said Monday it received the final nationwide permit from the US Army Corps of Engineers for an energy project at AltaSea's premises at the Port of Los Angeles. Eco Wave shares surged 38%.

TOYO (TOYO) said Monday that it expects to ship 1.7 to 1.8 gigawatts of solar cells in 2024, slightly down from an earlier target of 1.9 GW, mainly due to lower deliveries to US customers affected by anti-dumping and countervailing duty investigations by the Department of Commerce and International Trade Commission. Its shares were rising 2.6%.

DTE Energy (DTE) said Monday it's investing over $100 million to build three new electric substations across Michigan. Its shares rose 0.1%.

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