Sector Update: Energy Stocks Climb Again As Brent Crude Tops $90 Per Barrel

Last Updated: Wednesday, January 26, 2022 1:22 PM | MT Newswires

Energy stocks were higher this afternoon, with the NYSE Energy Sector Index climbing 1.9% while the SPDR Energy Select Sector ETF (XLE) was up 0.9%. The Philadelphia Oil-Service Sector index was posting a 1.2% gain, and the Dow Jones US Utilities Index was gaining 0.2%.

Front-month West Texas Intermediate crude oil was rising $2.30 to $87.89 per barrel while global benchmark Brent crude also was advancing $2.24 to $90.44 per barrel. Henry Hub natural gas futures were $0.18 higher at $4.23 per 1 million BTU.

In company news, JinkoSolar Holding (JKS) rose 8.2% after its Jiangxi Jinko subsidiary overnight completed its initial public offering and first day of trading on the Shanghai Stock Exchange's Sci-Tech innovation board, issuing 2 billion shares priced at 5.00 renminbi ($0.79) each and generating around 10 billion renminbi in gross proceeds. The photovoltaic products company now owns about 58.62% of Jiangxi Jinko, which closed 111% above its IPO price, the company said.

Borr Drilling (BORR) climbed 4.5% after Wednesday saying lenders have agreed to revise its senior secured facilities with shipyards extending their maturities and delivery installments by two years until 2025. Borr said the consents were needed to complete a $30 million equity offering of about 13.3 million shares through the Oslo Stock Exchange.

Sunrun (RUN) gained 2.7% after the residential solar energy company Wednesday said it retired its entire $250 million recourse lending facility and negotiated a larger $425 million loan package maturing in January 2025 and offering better terms over its prior credit extensions. It also expands Sunrun's borrowing base to support more efficient inventory funding.

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