Sector Update: Energy

MT Newswires Live03:31

Energy stocks were slightly higher late Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) up 0.1% each.

The Philadelphia Oil Service Sector Index was adding 1.2%, and the Dow Jones US Utilities Index was up 0.6%.

Front-month West Texas Intermediate crude oil fell 0.7% to $71.56 a barrel, and the global benchmark Brent crude contract decreased 0.2% to $76.12 a barrel. Henry Hub natural gas futures dropped 2.3% to $2.94 per 1 million BTU.

In corporate news, BHP (BHP) is mulling the sale of a desalination plant in Chile, along with its electricity transmission assets, as it focuses on its core copper business, Bloomberg reported. The electricity transmission assets are expected to fetch about $1 billion to $1.3 billion, while the desalination plant could raise about $500 million to $700 million, the report said. BHP shares were up 2.6%.

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