Sector Update: Energy

Last Updated: Thursday, August 18, 2022 3:42 PM | MT Newswires

Energy stocks extended their Thursday gains this afternoon, with the NYSE Energy Sector Index rising 2.2% and the SPDR Energy Select Sector ETF (XLE) up 2.6%. The Philadelphia Oil-Service Sector index was climbing 4.7% and the Dow Jones US Utilities Index was ahead 0.4%. West Texas Intermediate crude oil was $2.39 higher at $90.50 per barrel, while Henry Hub natural gas futures fell $0.06 to $9.20 per 1 million BTU, reversing its midday gains. In company news, Tellurian (TELL) was continuing its Thursday advance, with shares of the energy producer rising nearly 13% in late trade, after saying it has completed the $125.5 million purchase of natural gas assets in the Haynesville shale in eastern Texas from EnSight IV Energy Partners and EnSight Haynesville Partners, adding around 250 million cubic feet per day to its natural gas production capacity.

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