Sector Update: Energy Stocks Gain Late Afternoon

MT Newswires Live
03-15

Energy stocks climbed late Friday afternoon with the NYSE Energy Sector Index adding 2.5% and the Energy Select Sector SPDR Fund (XLE) rising 2.9%.

The Philadelphia Oil Service Sector index gained 3.3%, and the Dow Jones US Utilities index advanced 1.4%.

West Texas Intermediate crude oil rose 1% to $67.20 a barrel, while global benchmark Brent gained 1% to $70.56 a barrel. Henry Hub natural gas futures shed 0.2% to $4.11 per 1 million BTU.

In corporate news, Chevron (CVX) is progressing on its plans to develop data centers in multiple sites in the US, Reuters reported, citing Daniel Droog, the company's vice president of power solutions. Chevron shares rose 2%.

Petrobras (PBR) is in talks with US liquefied natural gas suppliers to secure a long-term import deal and move away from buying solely on the spot market, Reuters reported, citing Mauricio Tolmasquim, Petrobras' director of energy transition and sustainability. Petrobras shares jumped 5.7%.

Executives from the biggest oil companies are set to meet with President Donald Trump next week, Bloomberg reported. Exxon Mobil (XOM) shares rose 3% and Shell (SHEL) added 1.4%.

Eni's (E) Plenitude is under investigation by the Italian Competition Authority over "a suspected unfair commercial practice," the regulator said. Eni shares were rising 1.3%.

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