Sector Update: Energy

MT Newswires Live10-23

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index falling 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1%.

The Philadelphia Oil Service Sector Index dropped 3.4%, and the Dow Jones US Utilities Index was adding 1.7%.

In geopolitical news, Iran's Islamic Revolutionary Guard Corps said renewed attacks by the US could prompt Tehran to invade neighboring countries and hit bases used in US military operations as part of its new "offensive" strategy, Al Jazeera, a Middle Eastern broadcaster, reported.

Front-month West Texas Intermediate crude oil rose 2.4% to $99.46 a barrel, and the global benchmark Brent crude contract climbed up 4.3% to $113.46 a barrel. Henry Hub natural gas futures shed 0.2% to $2.78 per 1 million BTU.

In corporate news, PG&E (PCG) is considering a regulatory-approved spin-off, sale, or other separation of its gas business to lower borrowing costs for customers if wildfire-related risks are not addressed through policy reform, CEO Patti Poppe said Thursday on a call with investors. Separately, the company reported lower Q3 results, with adjusted earnings meeting market expectations and revenue missing the consensus forecast. Its shares were down 1.6%.

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