Sector Update: Energy

Last Updated: Wednesday, January 19, 2022 3:30 PM | MT Newswires

Energy stocks turned narrowly higher this afternoon, with the NYSE Energy Sector Index and the SPDR Energy Select Sector ETF (XLE) rising 0.1%. The Philadelphia Oil-Service Sector index was posting a 0.9% decline but the Dow Jones US Utilities Index was rising 1.0%. Front-month West Texas Intermediate crude oil settled $1.53 higher at $86.96 per barrel, while Henry Hub natural gas futures fell $0.25 to $4.03 per 1 million BTU. In company news, Dow (DOW) was slipping 0.5% after New Hope Energy announced the chemical giant has signed a multi-year offtake agreement to buy pyrolysis oil it produces from recycled plastics for use as feedstock for circular plastics. Financial terms were not disclosed.

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