Sector Update: Energy Stocks, Crude Oil Trading Higher This Afternoon

Last Updated: Friday, April 8, 2022 1:06 PM | MT Newswires

Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index rising 2.1% and the SPDR Energy Select Sector ETF (XLE) up 2.6%. The Philadelphia Oil-Service Sector index was posting a 3.6% advance and the Dow Jones US Utilities Index was adding 0.3%.

West Texas Intermediate crude oil was ahead $0.87 to $96.90 per barrel, while global benchmark Brent crude was sliding $0.71 to $101.29 per barrel. Henry Hub natural gas futures were $0.03 lower at $6.33 per 1 million BTU.

In company news, Earthstone Energy (ESTE) rose 3.2% on Friday after the oil and natural gas producer overnight priced a $550 million of 8.0% senior unsecured notes due 2027. Net proceeds will be used to pay down a portion of the company's revolving credit facility and for general corporate purposes.

BHP Group (BHP) added 1% on Friday after the resource extraction company said the proposed merger of its oil and natural gas business with Australian energy company Woodside Petroleum (WPL.AX) remains on track to close by June 1, subject to a favorable shareholder vote at Woodside on May 19 and other customary conditions.

Clean Energy (CLNE) turned 1.4% lower, giving back a small morning gain that followed JonesTrading starting coverage of the natural gas supplier with a buy stock rating an an $18 price target.

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