Sector Update: Energy

MT Newswires Live00:32

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index falling 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.6%.

The Philadelphia Oil Service Sector Index was down 3.2%, and the Dow Jones US Utilities Index advanced 0.6%.

Front-month West Texas Intermediate crude oil fell 2.4% to $90.85 a barrel, and the global benchmark Brent crude contract declined 1.6% to $93.49 a barrel. Henry Hub natural gas futures dropped 3% to $3.24 per 1 million BTU.

In corporate news, Duke Energy (DUK) said Friday it has secured up to $61.8 million grant from the US Department of Energy to support critical upgrades for its coal-fired power plants in Kentucky and North Carolina. Duke Energy shares rose 1.5%.

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