Sector Update: Energy

Last Updated: Thursday, August 11, 2022 1:18 PM | MT Newswires

Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index rising 3.1% while the SPDR Energy Select Sector ETF (XLE) was up 3.7%.

The Philadelphia Oil-Service Sector index was posting a 4.6% advance and the Dow Jones US Utilities Index was adding 0.6%. West Texas Intermediate crude oil was rising $2.48 to $94.41 per barrel while Henry Hub natural gas futures were $0.37 higher at $8.57 per 1 million BTU.

In company news, Golar LNG (GLNG) gained 7.6% after reporting Q2 net income of $230 million, down from $471.4 million a year ago, and operating revenue of $67.2 million, up from $65.3 million last year.

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