Sector Update: Energy

MT Newswires Live05-28

Energy stocks declined late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 1.1%.

The Philadelphia Oil Service Sector Index slumped 2.9%, and the Dow Jones US Utilities Index shed 0.6%.

Front-month West Texas Intermediate crude oil fell 5.3% to $88.94 a barrel, and the global benchmark Brent crude contract dropped 5.1% to $94.52 a barrel. Henry Hub natural gas futures rose 5% to $3.04 per 1 million BTU.

In corporate news, Kosmos Energy (KOS) shares slumped nearly 6% after Mizuho downgraded the company to underperform from neutral and adjusted its price target to $3 from $2.

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