Sector Update: Energy

Last Updated: Thursday, December 2, 2021 1:21 PM | MT Newswires

Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index climbing 2.8% while the SPDR Energy Select Sector ETF (XLE) was up 2.4%. The Philadelphia Oil-Service Sector index also was posting a 2.2% gain and the Dow Jones US Utilities Index was ahead 1.8%. Front-month West Texas Intermediate crude oil was rising $0.84 to $66.41 per barrel while Henry Hub natural gas futures were $0.09 lower at $4.17 per 1 million BTU. In company news, ReNew Energy Global (RNW) rose 5.5% after the Indian solar- and wind-power utility company said it was partnering with engineering firm Larsen & Toubro to develop, own and operate green hydrogen projects. Financial terms were not disclosed.

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