Sector Update: Energy Stocks Advance Amid WTI Crude Oil Rises Above $ 81 Per Barrel

Energy stocks were higher this afternoon, with the NYSE Energy Sector Index up 0.8% while the SPDR Energy Select Sector ETF (XLE) was up 0.1%.

First month West Texas Intermediate crude rose $ 1.90 to $ 81.25 per barrel, while the global benchmark Brent crude contract also rose $ 1.61 to $ 84.00 per barrel. Henry Hub natural gas futures were $ 0.15 to $ 5.42 per million BTUs lower.

Among energy-related ETFs, the United States Oil Fund (USO) was up 2.0% while the United States Natural Gas Fund (UNG) was down 3.4%. The Philadelphia Oil Sector Index posted a gain of 1.8%, but the Dow Jones Utilities Index fell 1.2%.

In company news, SilverBow Resources (SBOW) jumped more than 13% after announcing it would acquire oil and gas assets in the Eagle Ford Shale in Texas from two anonymous sellers for around $ 75 million. of dollars, including $ 45 million in cash and about $ 30 million in stock.

Montrose Environmental Group (MEG) rose 3.1% after announcing its purchase of privately-held Environmental Chemistry, which provides laboratory environmental analysis services to clients in the Texas Gulf Coast areas and of Louisiana. Financial terms were not disclosed.

Chesapeake Energy (CHK) was down 2.4%, returning 2.1% to a record high of $ 67.15 per share earlier Monday, after the company chose Domenic Dell’Osso to be its new managing director, with immediate effect. The former chief financial officer of Chesapeake succeeds interim CEO Mike Wichterich, who continues as chairman of the board of directors of the oil and gas producer.

You may also like

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

*