Sector Update: Energy Stocks, Crude Oil Trim Earlier Gains Near Tuesday Close

Last Updated: Tuesday, December 7, 2021 3:54 PM | MT Newswires

Energy stocks backed down slightly from their prior intraday highs this afternoon, with the NYSE Energy Sector Index climbing 2.4% in late trade while the SPDR Energy Select Sector ETF (XLE) was up 2.2%. The Philadelphia Oil-Service Sector index was posting a 3.1% gain and the Dow Jones US Utilities Index was ahead 0.7%.

Front-month West Texas Intermediate crude oil was $2.56 higher at $72.05 per barrel while the global benchmark Brent crude contract was advancing $2.28 to $75.36 per barrel. Henry Hub natural gas futures rose $0.05 to $3.73 per 1 million BTU.

In company news, US Well Services (USWS) climbed 8.6% after saying it received a new contract to supply electric pressure-pumping services for Callon Petroleum (CPE) in the Permian Basin and the Eagle Ford Shale over the next three years. Callon Petroleum was more than 10% higher this afternoon.

Murphy Oil (MUR) jumped out to a 6.2% gain during Tuesday trading after a JPMorgan upgrade of the exploration and production company to overweight from neutral.

Newpark Resources (NR) climbed 4.6% after the oilfield-equipment rental company said its Fluids Systems unit and Industrialization was partnering with Saudi Arabia's Energy Services to create a joint venture to make oilfield chemicals and other products.

Baker Hughes (BKR) rose 1% on Tuesday after the oilfield-services firm announced a new contract to support the expansion of the Pluto LNG onshore processing facility in Western Australia by engineering and construction company Bechtel.

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