Sector Update: Energy Stocks Softer Late Afternoon

MT Newswires Live12-20 04:40

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index shedding 0.2% and the Energy Select Sector SPDR Fund (XLE) down 0.6%.

The Philadelphia Oil Service Sector index decreased 0.9%, and the Dow Jones US Utilities index rose 1%.

Front-month West Texas Intermediate crude oil fell 1% to $69.91 a barrel while the global benchmark Brent crude contract shed 1% to $72.68 a barrel.

US natural gas stocks fell by 125 billion cubic feet in the week ended Dec. 13, against the 126 billion decrease expected in a survey compiled by Bloomberg.

Henry Hub natural gas futures jumped 7.1% to $3.61 per 1 million BTU.

In corporate news, Kinder Morgan (KMI) shares rose 2.1%. The company's Tennessee Gas Pipeline unit said Thursday it will go ahead with its $1.4 billion Mississippi Crossing Project after securing long-term agreements for all capacity.

NorthWestern Energy (NWE) shares popped 4.5% after Barclays upgraded the company's stock to overweight from underweight, and raised the price target to $56 from $53.

Trio Petroleum (TPET) shares soared past 91%. The company said it agreed to buy a 100% working interest in oil and gas assets held by Novacor Exploration in Saskatchewan's Lloydminster heavy oil region for about 2 million Canadian dollars ($1.4 million).

Leishen Energy (LSE) shares jumped 12% following their debut on Nasdaq after the firm priced its IPO of 1.4 million shares at $4 per share.

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