Sector Update: Energy

Last Updated: Tuesday, August 16, 2022 3:29 PM | MT Newswires

Energy stocks were narrowly mixed this afternoon, with the NYSE Energy Sector Index falling 0.2% and the SPDR Energy Select Sector ETF (XLE) adding less than 0.1%. West Texas Intermediate crude oil was $2.88 lower at $86.53 per barrel, while Henry Hub natural gas futures rose $0.60 to $9.33 per 1 million BTU. The Philadelphia Oil-Service Sector index was falling 0.9% but the Dow Jones US Utilities Index was adding 0.2%. In company news, Ormat Technologies (ORA) turned 1.2% lower this afternoon, giving back an early 1.2% gain to its best price since January 2021, after the energy-services company Tuesday said it has signed new contracts valued at nearly $100 million to help build a new geothermal power plant in New Zealand and providing air-cooled energy converters for an existing power plant in Indonesia.

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