Sector Update: Energy

MT Newswires Live10-17 03:37

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.3%.

The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index was up 1.2%.

Front-month West Texas Intermediate crude oil rose 3.6% to $101.47 a barrel, and the global benchmark Brent crude contract climbed 3.5% to $109.66 a barrel. Henry Hub natural gas futures fell 3.8% to $3.11 per 1 million BTU.

In corporate news, Venture Global's (VG) new power agreements with GE Vernova (GEV) and Baker Hughes (BKR) are expected to accelerate the buildout of its island-mode industrial power network and support the company's plans to develop large-scale AI infrastructure, UBS Securities said in a report. UBS maintained its buy rating on Venture Global stock and its $21 price target. Venture Global shares were down 1.1%.

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