Sector Update: Energy Stocks Decline Late Afternoon

MT Newswires Live11-20 04:57

Energy stocks fell late Tuesday afternoon, with the NYSE Energy Sector Index down 0.7% and the Energy Select Sector SPDR Fund (XLE) shedding 0.8%.

The Philadelphia Oil Service Sector index fell 0.7%, and the Dow Jones US Utilities index rose 0.6%.

West Texas Intermediate crude oil rose 0.6% to $69.60 a barrel, while global benchmark Brent advanced 0.2% to $73.42 a barrel. Henry Hub natural gas futures added 0.4% to $2.99 per 1 million BTU.

In corporate news, TC Energy (TRP) shares fell 0.6%. Chief Executive Officer Francois Poirier said divesture of a stake in its gas pipeline system from western Canada to indigenous communities might take a different shape.

Fusion Fuel Green (HTOO) said Tuesday it has agreed to buy a roughly 70% stake in Dubai-based Quality Industrial, which operates in the gas supply and services sector. The stock was down 0.9%.

LandBridge (LB) shares were falling 5% after it signed a deal to acquire around 46,000 surface acres in the Southern Delaware Basin, known as the Wolf Bone Ranch, from a VTX Energy Partners subsidiary for $245 million in cash.

Northwest Natural (NWN) was up 0.2% after it struck a deal to buy SiEnergy Operating from SiEnergy Capital Partners for $273 million in cash, along with the assumption of $152 million debt.

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