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Sector Update: Energy Stocks Fall Late Afternoon
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Sector Update: Energy Stocks Fall Late Afternoon
Dec 10, 2024 12:55 PM

03:36 PM EST, 12/10/2024 (MT Newswires) -- Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index down 0.1% and the Energy Select Sector SPDR Fund (XLE) easing 0.2%.

The Philadelphia Oil Service Sector index added 0.6%, and the Dow Jones US Utilities index was down 0.6%.

Front-month West Texas Intermediate crude oil was rising 0.1% to $68.43 a barrel while the global benchmark Brent crude contract was down 0.1% to $72.05 a barrel. Henry Hub natural gas futures were adding 0.1% to $3.19 per 1 million BTU.

In corporate news, Enlight Renewable Energy ( ENLT ) shares rose 1.3% after the company said it has started commercial operations at its 94-megawatt Pupin wind farm in Serbia.

TotalEnergies (TTE) said Tuesday it completed its acquisition of the interests of OMV and Sapura Upstream Assets in Malaysian gas producer SapuraOMV Upstream. TotalEnergies shares shed 1.2%.

ProPetro ( PUMP ) shares surged nearly 21% after it announced its new ProPetro Energy Solutions unit that will do business as ProPWR with a growth capital investment of about $122 million.

Chevron's ( CVX ) Chevron USA unit said Tuesday that it has completed a retrofit of its Pasadena, Texas refinery, boosting its capacity to process lighter crudes by nearly 15% to 125,000 barrels per day. Chevron ( CVX ) shares rose 0.6%.

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