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Sector Update: Energy Stocks Rise Late Afternoon

Sector Update: Energy Stocks Rise Late Afternoon

Nasdaq

Energy stocks rose late Thursday afternoon, with the NYSE Energy Sector Index advancing 1.5% and the Energy Select Sector SPDR Fund (XLE) gaining 1.3%.

The Philadelphia Oil Service Sector index climbed 2.3%, while the Dow Jones US Utilities index shed 0.6%.

Front-month West Texas Intermediate crude oil rose 1.5% to $71.96 a barrel, while global benchmark Brent advanced 1.5% to $74.76 a barrel.

US natural gas stocks in the week ended Friday rose 58 billion cubic feet, above the 54 billion increase expected in a survey compiled by Bloomberg and following a gain of 40 billion in the previous week.

Henry Hub natural gas futures advanced 2.8% to $2.35 per 1 million BTU.

In corporate news, Vistra (VST) shares rose 1.4%. The company said late Wednesday it agreed to buy the combined 15% equity interest in its Vistra Vision unit held by affiliates of Nuveen Asset Management and Avenue Capital Management II for $3.25 billion in cash.

American Water Works (AWK) remains focused on maintaining a constructive relationship with the Pennsylvania Public Utility Commission despite a lackluster outcome on the general rate case, RBC Capital Markets said in a note on Thursday. American Water shares were easing 0.1%.

Mammoth Energy Services (TUSK) shares added 3% after its unit Cobra Acquisitions said Thursday that its $188.4 million settlement with the Puerto Rico Electric Power Authority was approved by a court on Wednesday.

Sunrun (RUN) shares tumbled past 6%. The company said late Wednesday that it was ending its sales partnership with Costco (COST) due to an inability to agree on terms, Bloomberg reported.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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