Sector Update: Energy

MT Newswires Live05-16

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.6%.

The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index fell 2.4%.

Front-month West Texas Intermediate crude oil gained 3.6% to $104.81 a barrel, and the global benchmark Brent crude contract was advancing 3.2% to $109.08 a barrel. Henry Hub natural gas futures rose 2.4% to $2.96 per 1 million BTU.

In corporate news, BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported. Separately, BP is contemplating selling some natural gas assets in Egypt, Reuters reported. BP shares were up 1%.

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