Sector Update: Energy Stocks Rise Wednesday Afternoon

MT Newswires Live10-30

Energy stocks advanced Wednesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 1.1%.

The Philadelphia Oil Service Sector Index gained 2.6%, and the Dow Jones US Utilities Index climbed 0.1%.

West Texas Intermediate crude oil rose 0.7% to $60.55 a barrel, and global benchmark Brent advanced 0.9% to $64.96 a barrel. Henry Hub natural gas futures fell 0.5% to $3.33 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 6.3 million barrels in the week ended Friday following a decrease of 100,000 in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 6.9 million after a decline of 1 million in the previous week, compared with the decrease of 899,000 expected in a survey compiled by Bloomberg.

In corporate news, Valero Energy (VLO) said Chief Financial Officer Jason Fraser will retire, effective Dec. 31. He will be succeeded by Homer Bhullar, vice president of investor relations and finance. Valero shares rose 1.2%.

National Energy Services Reunited (NESR) shares jumped 14% after the company secured a multibillion- dollar contract with Saudi Aramco to provide completion and unconventional gas development services over a five-year term.

Phillips 66 (PSX) shares climbed 3% after the company reported higher Q3 adjusted earnings.

ProPetro Holding (PUMP) shares surged 46% after the company reported a narrower Q3 loss, while revenue beat estimates by analysts.

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