Sector Update: Energy Stocks Edge Higher in Wednesday Afternoon Trading

MT Newswires Live11-28

Energy stocks edged up Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both rising 0.2%.

The Philadelphia Oil Service Sector index gained 0.5%, and the Dow Jones US Utilities index added 0.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 700,000 barrels in the week ended Friday following an increase of 1.9 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell 1.8 million after a 500,000 increase in the previous week, compared with the 1 million decrease expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil fell 0.7% to $68.28 a barrel, while the global benchmark Brent crude contract dropped 0.6% to $72.36 a barrel.

US natural gas stocks fell 2 billion cubic feet in the week ended Friday, a larger drop than the 1 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 3 billion cubic in the previous week.

Henry Hub natural gas futures slumped 7.3% to $3.22 per 1 million BTU.

In corporate news, Frontline (FRO) shares tumbled 6.2%. The company reported Q3 adjusted earnings of $0.34 a share, down from $0.36 a year earlier. Two analysts polled by FactSet expected $0.40.

Middlesex Water (MSEX) appointed Gregory Sorensen as chief operating officer, effective Dec. 16. The stock was little changed.

Expand Energy (EXE) announced the terms to repurchase 5.5% notes due 2026 at $1,001.52 for every $1,000 principal amount validly tendered, plus accrued and unpaid interest. The shares were little changed.

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