Sector Update: Energy Stocks Closing Slightly Lower Monday Despite Late Uptick for Crude

Last Updated: Monday, October 18, 2021 3:54 PM | MT Newswires

Energy stocks were finishing slightly lower Monday, with the NYSE Energy Sector Index slipping 0.1% and the Energy Select Sector SPDR ETF (XLE) down 0.2%. The Philadelphia Oil Service Sector index gained 0.7% while the Dow Jones US Utilities Index fell 0.9%.

Front-month West Texas Intermediate crude oil settled $0.16 higher at $82.44 per barrel, while global benchmark Brent fell $0.61 to $84.25. Henry Hub natural gas futures plunged $0.42 to $4.99 per million BTU.

In company news, Amplify Energy (AMPY) added 8.5% after saying a US Coast Guard estimate late last week found the the oil spill from its pipeline off the coast of California was significantly smaller than first expected at 588 barrels compared with initial projections of 3,134 barrels for the spill from its Beta Field pipeline.

Peabody Energy (BTU) gained more than 22% amid a surge for coal stocks Monday following reports congressional Democrats will likely strip most green energy tax incentives from their economic and social safety net legislation in order to win the support of Democratic Senator Joe Manchin of West Virginia.

Occidental Petroleum (OXY) rose 4.1% after Truist Securities upgraded the oil producer's stock to buy from hold and raised its share price target to $50 from $35.

Ballard Power Systems (BLDP) climbed almost 1% after saying it will be the lead investor in the upcoming IPO of Forsee Power on the Euronext Paris exchange as part of a new partnership between the two companies to jointly develop and sell fuel cells and batteries for heavy-duty hydrogen mobility applications.

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