Sector Update: Energy Stocks Rise in Monday Afternoon Trading

MT Newswires Live12-24 02:57

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each up about 0.3%.

The Philadelphia Oil Service Sector index was adding 0.9%, and the Dow Jones US Utilities index was fractionally lower.

Front-month West Texas Intermediate crude oil was declining 0.5% to $69.09 a barrel, and the global benchmark Brent crude contract was down 0.8% to $72.39 a barrel. Henry Hub natural gas futures fell 2.8% to $3.64 per 1 million BTU.

In corporate news, Lithium Americas (LAC) shares jumped 5% after the firm said it closed its joint venture with General Motors (GM) to fund, develop and operate the Thacker Pass lithium project in Humboldt County, Nevada.

Vermilion Energy (VET) shares shed 0.9% after the company said it has agreed to buy Westbrick Energy for about $1.08 billion.

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