Sector Update: Energy

Last Updated: Tuesday, August 9, 2022 3:34 PM | MT Newswires

Energy stocks eased this afternoon, with the NYSE Energy Sector Index rising 1.2% in late trade while the SPDR Energy Select Sector ETF (XLE) was up 1.8%. The Philadelphia Oil-Service Sector index was posting a 0.7% advance and the Dow Jones US Utilities Index was adding 1.1%. West Texas Intermediate crude oil was flat at at $90.82 per barrel while Henry Hub natural gas futures rose $0.24 to $7.83 per 1 million BTU. In company news, Occidental Petroleum (OXY) rose 4.1% after a regulatory filing showed Berkshire Hathaway (BKR.A, BKR.B) bought 6.7 million additional Occidental shares, taking total ownership to around 1.31 billion shares.

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