Sector Update: Energy

Last Updated: Friday, January 21, 2022 3:27 PM | MT Newswires

Energy stocks continued to lose more ground Friday afternoon, with the NYSE Energy Sector Index falling 2.4% and the Energy Select Sector SPDR ETF (XLE) down 2.2%. The Philadelphia Oil Service Sector Index slumped 3.2% while the Dow Jones US Utilities Index was slipping 0.3%, giving back a midday advance. Front-month West Texas Intermediate crude oil settled $0.41 lower at $85.14 per barrel while Henry Hub natural gas futures rose $0.20 to $4.00 per million BTU. In company news, Suncor Energy (SU) dropped 4% amid reports it is seeking a buyer for its assets in Norway. The Canadian producer has retained Scotiabank to assist with selling Suncor Energy Norge AS, which includes non-operated stakes in three oil and gas fields on the Norwegian continental shelf in North Sea along with several other exploration assets in the region.

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