Sector Update: Energy Stocks Adding to Prior Gains As Crude Oil Recovers from Midday Slide

Last Updated: Thursday, October 14, 2021 3:46 PM | MT Newswires

Energy stocks were rising ahead of Thursday's close, with the NYSE Energy Sector Index climbing 1.2% while the SPDR Energy Select Sector ETF (XLE) was up 1.1%. The Philadelphia Oil-Service Sector index was posting a 1.0% gain and the Dow Jones US Utilities Index was ahead 1.3%.

Front-month West Texas Intermediate crude oil was $0.87 higher at $81.31 per barrel, bouncing back from a midday dip that followed the Energy Information Administration reporting a much larger-than-expected rise in commercial inventories last week. Henry Hub natural gas futures rose $0.10 to at $5.69 per 1 million BTU after the EIA also reported an increase of 81 billion cubic feet in US supplies during the seven days ended Oct. 8.

In company news, SunPower (SPWR) fell 2.8%, reversing an early 2% gain that followed it saying The New Home Company will include a SunPower Equinox rooftop solar energy system and a 13-kilowatt SunVault lithium iron phosphate battery in addition to a Wallbox (WBX) Pulsar Plus electric vehicle charging station at all 72 houses at the homebuilder's Eureka Grove community in Granite Bay, California. Wallbox shares were 0.1% lower late in Thursday trade.

Northern Oil & Gas (NOG) dropped 3.4% following a BofA Securities downgrade of the energy producer to neutral from buy.

To the upside, Riley Exploration Permian (REPX) climbed 2.1% after the exploration and production company said lenders have approved a $40 million increase in its borrowing capacity through its senior secured revolving credit facility to $175 million following a semi-annual redetermination.

Kosmos Energy (KOS) rose 5.5% after buying an 18% interest in the Jubilee oilfield offshore Ghana and an 11% interest in the TEN field from Occidential Petroleum (OXY) for a combined $550 million, boosting its respective stakes in the two fields to 42.15% and 28.1%. Occidential, which also sold its remaining stakes in the two offshore fields to state-owned Ghana National Petroleum for $200 million, was 1% lower.

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