Sector Update: Energy

Last Updated: Monday, May 16, 2022 1:01 PM | MT Newswires

Energy stocks were rallying again this afternoon, with the NYSE Energy Sector Index rising 2.2% while the SPDR Energy Select Sector ETF (XLE) was up 2.8%. The Philadelphia Oil-Service Sector index also was posting a 2.8% gain while the Dow Jones US Utilities Index was adding 0.2%. West Texas Intermediate crude oil was rising $2.19 to $112.68 per barrel while Henry Hub natural gas futures were $0.07 higher at $7.73 per 1 million BTU. In company news, Rattler Midstream (RTLR) added almost 17% after Diamondback Energy (FANG) Monday offered to buy all of the oil and water pipeline company's common units it does not already own, with investors receiving 0.113 of a Diamondback share in exchange for each of their Rattler common units.

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