Sector Update: Energy

Last Updated: Wednesday, October 5, 2022 1:23 PM | MT Newswires

Energy stocks were higher this afternoon, with the NYSE Energy Sector Index rising 1.0% and the SPDR Energy Select Sector ETF (XLE) up 2.5%. West Texas Intermediate crude oil was rising $1.55 to $88.07 per barrel and Henry Hub natural gas futures were $0.05 higher at $6.89 per 1 million BTU. In company news, Schlumberger (SLB) rose 6.6% on Wednesday after the energy services giant said it started a partnership at its NeoLith Energy direct lithium extraction and production facility in Nevada with privately held Gradiant, which has developed a way of concentrating brine to produce battery-grade lithium compounds while also using significantly less fresh water than conventional processes.

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