Sector Update: Energy Stocks Gain Late Afternoon

MT Newswires Live11-22

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding 1.2%.

The Philadelphia Oil Service Sector index climbed 3.2%, and the Dow Jones US Utilities index was 1.5% higher.

Front-month West Texas Intermediate crude oil rose 2.1% to $70.22 a barrel while the global benchmark Brent crude contract was up 2.1% to $74.32 a barrel.

US natural gas stocks fell by three billion cubic feet in the week ended Nov. 15, below a one-billion increase expected in a survey compiled by Bloomberg and following an increase of 42 billion cubic feet in the previous week.

Henry Hub natural gas futures jumped 5.5% to $3.37 per 1 million BTU.

In corporate news, New Fortress Energy (NFE) shares gained 3.7%. The company's liquefied natural gas production and distribution business in Miami has been acquired by Pennybacker Capital Management.

New Jersey Resources (NJR) shares rose 2.3% after its utility unit said state regulators approved the settlement of base rate case, resulting in a $157 million increase in natural gas rates.

Phillips 66 (PSX) is facing charges in a federal court in California over allegation that it discharged pollutants into the Los Angeles County sewer system, the US District Attorney's office said Thursday. Its shares were rising 0.5%.

Exxon Mobil (XOM) said it intends to invest over $200 million to expand its recycling operations in Texas. Exxon shares rose 1.8%.

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