Sector update: Energy stocks outperform at the end of the session amid rising oil prices
Energy stocks outperformed the broader market gains on Thursday night, with the NYSE Energy Sector Index up 3.0% and the Energy Select Sector SPDR ETF (XLE) up 3.5%. Philadelphia’s oil services index jumped 4.9%, while the Dow Jones US Utilities index was 0.2% lower, reversing earlier gains.
First month West Texas Intermediate crude rose $ 0.90 to $ 73.13 per barrel, and Brent Crude added $ 0.93 to $ 77.12 due to higher demand for fuel while that US crude inventories have plummeted. Henry Hub natural gas futures rose from $ 0.21 to $ 5.01 per million BTUs.
In company news, Vertex Energy (VTNR) said on Wednesday that its proposed $ 75 million acquisition of the Royal Dutch Shell (RDS.A, RDS.B) refinery in Mobile, Alabama, was about to conclude in the first quarter of next year. Vertex stock was down almost 4%.
TotalEnergies (TTE) said its consortium with Qair and Green Investment Group had secured a place to participate in an upcoming tender to develop a floating wind farm with a maximum output of 270 megawatts in southern Brittany. The shares rose almost 3%.
PDC Energy (PDCE) has announced that it has released its second annual sustainability report and plans to reduce greenhouse gas and methane emissions intensity by 60% and 50%, respectively, by 2025. L share rose more than 5% at the end of the trade.
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