Sector Update: Energy

Last Updated: Friday, July 1, 2022 3:41 PM | MT Newswires

Energy stocks returned to positive ground this afternoon, with the NYSE Energy Sector Index rising 0.8% in late trade while the SPDR Energy Select Sector ETF (XLE) was up 1.3%, rebounding from midday losses. The Philadelphia Oil-Service Sector index still was retreating 0.4% although the Dow Jones US Utilities Index was adding 2.3%. West Texas Intermediate crude oil was $2.67 higher at $108.43 per barrel while Henry Hub natural gas futures rose $0.31 to $5.73 per 1 million BTU. In company news, Enviva (EVA) added 2.3% after late Thursday pricing a $250 million offering of US tax-exempt "green bonds" maturing in 2052. Net proceeds will be used fund the construction of a wood-pellet production plant in Epes, Alabama.

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