Sector Update: Energy

MT Newswires Live03-19

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each rising 0.7%.

The Philadelphia Oil Service Sector Index added 0.3%, and the Dow Jones US Utilities Index was decreasing 0.2%.

Brent crude futures approached $110 a barrel on Wednesday as tensions in the Middle East escalated, with Iran threatening to hit more energy facilities in the region. Iran's Islamic Revolution Guards Corps warned people in Saudi Arabia, the United Arab Emirates, and Qatar to stay away from some energy facilities in those countries, Iran's Tasnim News Agency reported Wednesday, citing a statement released by the group. The IRGC reportedly said the facilities, including Samref refinery in Saudi Arabia, are "legitimate and prime targets" for counterattacks. Iran's latest threats come as the crucial Strait of Hormuz remains effectively shut.

Front-month West Texas Intermediate crude oil gained 2.2% to $98.28 a barrel, and the global benchmark Brent crude contract jumped 5.2% to $108.84 a barrel. Henry Hub natural gas futures rose 0.9% to $3.06 per 1 million BTU.

In corporate news, Equinor (EQNR) shares rose 2% after it said Wednesday it made an oil discovery that will be tied into the Johan Castberg field in the Barents Sea. The discovery in the Polynya Tubaen prospect showed a preliminary volume estimate of 14 to 24 million barrels of recoverable oil equivalents.

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