Sector Update: Energy Stocks, Crude Oil Rally in Wednesday Trade

Last Updated: Wednesday, September 28, 2022 1:30 PM | MT Newswires

Energy stocks were sharply higher, with the NYSE Energy Sector Index rising 2.7% this afternoon while the SPDR Energy Select Sector ETF (XLE) was up 3.1%. The Philadelphia Oil-Service Sector index was posting a 4% advance and the Dow Jones US Utilities Index was climbing 1.5%.

West Texas Intermediate crude oil was adding $3.09 to $81.59 per barrel after the Energy Information Administration Wednesday said US commercial inventories fell 200,000 barrels during the seven days ended Sept. 23 compared with market expectations for a 2 million-barrel decline last week.

Brent crude was advancing $2.74 to $88.94 per barrel while Henry Hub natural gas futures were $0.09 higher at $6.56 per 1 million BTU.

In company news, KLX Energy Services Holdings (KLXE) jumped over 30% Wednesday after the drilling and well services contractor raised its Q3 revenue projections, now expecting 16% to 18% growth over the previous quarter compared with its prior outlook expecting 9% to 13% sequential growth. It also increased its guidance for non-GAAP EBITDA margin.

Enbridge (ENB) climbed 2.8% after Wednesday announcing a partnership with 23 First Nation and Metis communities, which will acquire an 11.57% non-operating interest in seven company-operated pipelines in the Athabasca region of northern Alberta for $1.12 billion.

Energy Vault Holdings (NRGV) turned 1.3% lower, reversing a 5% gain earlier in the day, after saying it signed a letter of intent with Jupiter Power to secure 2.4 gigawatt/hours of battery energy storage projects. Financial terms were not disclosed.

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