Sector Update: Energy

Last Updated: Thursday, August 11, 2022 3:34 PM | MT Newswires

Energy stocks eased from their earlier gains this afternoon, with the NYSE Energy Sector Index rising 2.6% while the SPDR Energy Select Sector ETF (XLE) was up 3.5%. The Philadelphia Oil-Service Sector index was posting a 3.9% advance and the Dow Jones US Utilities Index was unchanged. West Texas Intermediate crude oil settled $2.41 higher at $94.34 per barrel while Henry Hub natural gas futures rose $0.67 to $8.87 per 1 million BTU. In company news, GeoPark (GPRK) gained 3.6% after the South American energy producer reported a Q2 net profit of $67.9 million, reversing a $2.5 million loss during the same quarter last year, while revenue increased 88% to $311.2 million, topping the three-analyst mean expecting $297.3 million.

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