Sector Update: Energy

Last Updated: Friday, May 20, 2022 3:41 PM | MT Newswires

Energy stocks continued to drift lower this afternoon, with the NYSE Energy Sector Index falling 0.7% and the SPDR Energy Select Sector ETF (XLE) down 0.2% in late trade. The Philadelphia Oil-Service Sector index was sinking 0.3% and the Dow Jones US Utilities Index was slipping 0.2%. West Texas Intermediate crude oil settled $1.02 higher at $113.23 per barrel, while Henry Hub natural gas futures fell $0.23 to $8.08 per 1 million BTU. In company news, Natural Gas Services Group (NGS) was edging 0.5% lower late in Friday trading after the natural gas compression equipment and services company said it reached a negotiated retirement agreement with Stephen Taylor, who will step down June 30 as CEO and company president but will continue as chairman on its board.

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