Sector Update: Energy

Last Updated: Wednesday, August 17, 2022 3:30 PM | MT Newswires

Energy stocks gave back a portion of their earlier gains, with the NYSE Energy Sector Index up 0.6% and the SPDR Energy Select Sector ETF (XLE) gaining 0.9% in late trade. The Philadelphia Oil-Service Sector index added 0.5% while the Dow Jones US Utilities Index eased 0.2%. West Texas Intermediate crude oil settled $1.58 higher at $88.11 per barrel while North Sea Brent crude also was advancing $1.06 to $93.40 per barrel. Henry Hub natural gas futures fell $0.09 to $9.24 per 1 million BTU, reversing an earlier advance. In company news, SFL Corp (SFL) advanced 7.2% after the tanker and dry goods shipping company reported improved Q2 results that also topped analyst estimates and raised its quarterly dividend by 4.5% to $0.23 per share.

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