Sector Update: Energy

MT Newswires Live05-23 03:17

Energy stocks advanced late Friday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.6%.

The Philadelphia Oil Service Sector Index was shedding 0.2%, and the Dow Jones US Utilities Index was up 0.8%.

Front-month West Texas Intermediate crude oil decreased 0.2% to $96.14 a barrel, and the global benchmark Brent crude contract rose 0.5% to $103.10 a barrel. Henry Hub natural gas futures fell 3.6% to $2.91 per 1 million BTU.

In corporate news, American Resources' (AREC) minority holding ReElement Technologies formed a joint venture with Posco International to build rare earth and permanent magnet production facilities in the US, the company said Friday. American Resources shares were up 0.2%.

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