Industry update: Energy stocks rebound on Tuesday, oil prices rise
Energy stocks were firmer near Tuesday’s close after rebounding from massive selling on Monday, with the NYSE Energy Sector index rising 1.2% and the SPDR ETF (XLE) energy sector advancing 0 , 8%. The Philadelphia Oil Services Industry Index was down 0.2% while the Dow Jones U.S. Utilities Index was up 0.2%.
First month West Texas Intermediate crude rose $ 0.27 to $ 70.56 per barrel. while global benchmark Brent rose $ 0.62 to $ 74.54. Henry Hub natural gas futures contracts were $ 0.16 to $ 4.82 lower per million BTUs.
In company news, ConocoPhillips (COP) has reached a deal to acquire the Permian Basin assets of Royal Dutch Shell (RDS.A), for $ 9.5 billion in cash. Shares of ConocoPhillips rose 4% and Shell also gained almost 4%.
Nuvve (NVVE) said it won a contract awarded by the Sourcewell purchasing cooperative to supply equipment to fleets of electric vehicles. The stock was down 0.8% near the close.
TC Energy (TRP) and EDP Renewables announced Monday evening that they have signed a 15-year power purchase agreement for the 297-megawatt Sharp Hills wind farm in Alberta, Canada. TC Energy shares gained 0.8%.
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