Sector Update: Energy

MT Newswires Live03:25

Energy stocks were higher late Tuesday afternoon with the NYSE Energy Sector Index rising 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.

The Philadelphia Oil Service Sector Index increased 0.5%, and the Dow Jones US Utilities Index was up 0.7%.

West Texas Intermediate crude oil rose 0.5% to $94.22 a barrel, and global benchmark Brent shed 0.9% to $105.73 a barrel. Henry Hub natural gas futures gained 4.6% to $3.31 per 1 million BTU.

In corporate news, American Electric Power (AEP) said on Tuesday it agreed to acquire up to 1.6 gigawatts of power generation equipment from Mainspring Energy through 2034, as utilities seek to meet rising electricity demand from artificial intelligence data centers. American Electric Power shares were up 1.2%.

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