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Sector Update: Energy Stocks Slump in Late Friday Afternoon Trading
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Sector Update: Energy Stocks Slump in Late Friday Afternoon Trading
Apr 26, 2024 1:04 PM

03:39 PM EDT, 04/26/2024 (MT Newswires) -- Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index decreasing 0.1% and the Energy Select Sector SPDR Fund (XLE) down 0.7%.

The Philadelphia Oil Service Sector index rose 0.5%, and the Dow Jones US Utilities index shed 0.6%.

West Texas Intermediate crude oil rose 0.2% to $83.74 a barrel, while the global benchmark Brent crude contract added 0.4% to $89.33 a barrel. Henry Hub natural gas futures fell 1.2% to $1.619 per 1 million BTU.

In corporate news, TotalEnergies (TTE) Chief Executive Patrick Pouyanne said the company is considering a primary stock listing in the US. The shares rose 1.4%.

Petrobras (PBR) sold its stake in the mothballed Cherne and Bagre fields in the Campos Basin to Perenco for $10 million. Petrobras shares gained 2.4%.

Exxon Mobil ( XOM ) shares fell 2.3% after the company's Q1 earnings fell more than analysts expected amid lower oil-refining margins and natural gas prices.

Chevron's ( CVX ) Q1 earnings and revenue fell amid reduced margins on refined product sales and lower natural gas realizations. The shares added 0.3%.

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