Sector Update: Energy

Last Updated: Thursday, December 2, 2021 3:36 PM | MT Newswires

Energy stocks were racing higher this afternoon, with the NYSE Energy Sector Index climbing 3.2% while the SPDR Energy Select Sector ETF (XLE) was up 3.0%. The Philadelphia Oil-Service Sector index also was posting a 3.5% gain and the Dow Jones US Utilities Index was ahead 1.8%. Front-month West Texas Intermediate crude oil settled $0.93 higher at $66.50 per barrel, reversing a morning decline, while Henry Hub natural gas futures extended their recent retreat, falling another $0.20 to $4.06 per 1 million BTU. In company news, WEC Energy Group (WEC) rose 1.8% after the electric utility Thursday increased its fiscal Q1 dividend by 7.4% over its current payout to $0.7275 per share. It also projected FY22 adjusted earnings straddling the $4.30 per share analyst mean.

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