Sector Update: Energy Stocks Tumble Late Afternoon

MT Newswires Live04-10

Energy stocks slumped late Thursday afternoon with the NYSE Energy Sector Index dropping 6.1% and the Energy Select Sector SPDR Fund (XLE) sliding 7.8%.

The Philadelphia Oil Service Sector index tumbled 10%, and the Dow Jones US Utilities index dropped 0.4%.

West Texas Intermediate crude oil fell 3.4% to $60.26 a barrel, and global benchmark Brent dropped 3% to $63.52 a barrel.

US natural gas stocks rose by 57 billion cubic feet in the week ended Friday versus the 58 billion increase expected in a Bloomberg survey and following a gain of 29 billion in the previous week.

Henry Hub natural gas futures fell 7.4% to $3.53 per 1 million BTU.

In corporate news, Portland General Electric (POR) shares shed 1.8% after JPMorgan downgraded the stock to neutral from overweight and cut its price target to $44 from $50.

Essential Utilities (WTRG) plans to invest $1.4 billion this year in infrastructure its nine-state network, partly to upgrade water and natural gas assets. The shares rose 1.6%.

AES (AES) shares dropped 8.3% after Jefferies downgraded the stock to hold from buy and cut its price target to $10 from $15.

Petrobras (PBR) is evaluating bids on oil blocks in India's auctions within the year, Reuters reported, citing Sylvia dos Anjos, the head of exploration and production. The shares fell 7.9%.

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