Sector Update: Energy

MT Newswires Live04-11

Energy stocks were mixed Friday afternoon, with the NYSE Energy Sector Index fractionally higher and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.8%.

The Philadelphia Oil Service Sector Index was shedding 0.7%, and the Dow Jones US Utilities Index was up 0.1%.

In sector news, President Donald Trump said Friday in a phone interview with the New York Post that US warships are being restocked with ammunition in order to resume strikes should peace talks with Iran falter this weekend.

Front-month West Texas Intermediate crude oil was rising 0.4% to $98.23 a barrel, and the global benchmark Brent crude contract was advancing 1.1% to $96.94 a barrel. Henry Hub natural gas futures fell 0.6% to $2.65 per 1 million BTU.

In corporate news, Shell (SHEL) confirmed in an email to MT Newswires on Friday that it is in talks with Venezuela to produce natural gas at the Loran-Manatee offshore field, which crosses the border of Venezuela and Trinidad and Tobago. The company expects to produce gas from Manatee in 2027 but has yet to take a final investment decision on the Loran field, according to a spokesperson. Shell shares were up 0.9%.

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