Sector Update: Energy Stocks Rise Late Afternoon

MT Newswires Live
2024-09-20

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.

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