Sector Update: Energy

Last Updated: Thursday, July 29, 2021 3:30 PM | MT Newswires

Energy stocks eased from their midday highs, with the NYSE Energy Sector Index climbing 1.1% in late trade while the SPDR Energy Select Sector ETF (XLE) was up 0.9%. The Philadelphia Oil-Service Sector index was posting a 0.6% gain this afternoon and the Dow Jones US Utilities Index was ahead 0.3%. Front-month West Texas Intermediate crude oil settled $1.23 higher at $73.62 per barrel while Henry Hub natural gas futures rose $0.09 to $4.06 per 1 million BTU. In company news, Suncor Energy (SU) fell 2.7% after the Canadian oil and natural gas company reported Q2 net income of CAD$0.58 per share, reversing a CAD$0.40 per share net loss during the comparable quarter in 2020 but still lagging the Capital IQ consensus expecting a CAD$0.61 per share profit for the three months ended June 30.

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