Sector Update: Energy

Last Updated: Wednesday, November 24, 2021 3:38 PM | MT Newswires

Energy stocks added to their Wednesday gains this afternoon, with the NYSE Energy Sector Index climbing 0.7% while the SPDR Energy Select Sector ETF (XLE) was up 1.0%. The Philadelphia Oil-Service Sector index, however, was posting a 0.1% decline and the Dow Jones US Utilities Index also was slipping 0.1%. Front-month West Texas Intermediate crude oil settled $0.11 lower at $78.39 per barrel while Henry Hub natural gas futures rose $0.10 to $5.0.7 per 1 million BTU. In company news, Cheniere Energy (LNG) rose 3.7% this afternoon, overcoming a nearly 1% slide earlier Wednesday, after the liquefied natural gas producer signed a binding 20-year sale and purchase agreement with Foran Energy Group, which will buy about 300,000 tons of LNG from Cheniere each year.

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