Sector Update: Energy Stocks Decline in Monday Afternoon Trading

MT Newswires Live02:39

Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index falling 1.7% and the Energy Select Sector SPDR Fund (XLE) dropping 1.8%.

The Philadelphia Oil Service Sector index was down 0.2%, and the Dow Jones US Utilities index was easing 0.3%.

Front-month West Texas Intermediate crude oil was declining 3.3% to $68.85 a barrel while the global benchmark Brent crude contract was dropping 2.9% to $72.95 a barrel. Henry Hub natural gas futures jumped 6.7% to $3.34 per 1 million BTU.

In corporate news, ONEOK (OKE) agreed to acquire the remaining shares of midstream energy services company EnLink Midstream (ENLC) in an all-stock deal worth $4.3 billion. ONEOK shares sank 6.7% and EnLink shed 3%.

TXNM Energy (TXNM) shares added 0.6% after it said Monday that its PNM unit is seeking regulatory approval of its proposed resource portfolio to extend existing resources and add 430 megawatts of new solar and battery storage.

EQT (EQT) shares rose 1.7%. The company announced a definitive agreement with funds managed by Blackstone Credit & Insurance to form a new midstream joint venture valued at about $8.8 billion.

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