Sector Update: Energy Stocks Adding to Early Gains Following Reversal in Crude Oils

Last Updated: Thursday, December 2, 2021 1:29 PM | MT Newswires

Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index climbing 2.5% while the SPDR Energy Select Sector ETF (XLE) was up 2.4%. The Philadelphia Oil-Service Sector index also was posting a 2.4% gain and the Dow Jones US Utilities Index was ahead 1.8%.

Front-month West Texas Intermediate crude oil was rising $0.46 to $66.03 per barrel while the global benchmark Brent crude contract also was advancing $0.37 to $69.24 per barrel. Henry Hub natural gas futures were $0.17 lower at $4.09 per 1 million BTU.

In company news, ReNew Energy Global (RNW) rose 5.5% after the Indian solar- and wind-power utility company said it was partnering with engineering firm Larsen & Toubro to develop, own and operate green hydrogen projects. Financial terms were not disclosed.

Camber Energy (CEI) was 0.5% higher after the oil and natural gas producer Thursday said its Viking Energy Group subsidiary was buying a renewable diesel production facility now under construction in Reno, Nevada. Once complete, the plant is expected to produce 43 million gallons per year.

Occidental (OXY) climbed 0.6% after the energy major Thursday began a $2 billion cash tender offer for any of its outstanding notes maturing between 2024 to 2049. The tender offering runs through Dec. 8, unless extended or terminated early.

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