Sector Update: Energy Stocks Extending Rebound After Brent Crude Climbs Back Over $90 per Barrel

Last Updated: Tuesday, October 4, 2022 1:36 PM | MT Newswires

Energy stocks were higher this afternoon, with the NYSE Energy Sector Index up 2.9% and the SPDR Energy Select Sector ETF (XLE) climbing 3.6%. The Philadelphia Oil-Service Sector index was posting a 3.2% advance and the Dow Jones US Utilities Index was adding 1.4%.

West Texas Intermediate crude oil was rising $2.63 to $86.26 per barrel while North Sea Brent crude also was advancing $2.62 to $91.48 per barrel. Henry Hub natural gas futures were $0.36 higher at $6.83 per 1 million BTU.

In company news, Vermilion Energy (VET) gained 4% after the oil and natural gas producer Tuesday disclosed its purchase of more shares of Coelacanth Energy (CEI.V), boosting its stake in the western Canadian energy company to more than 69.3 million shares, or 16.3% of its outstanding stock.

HF Sinclair (DINO) rose 3.5% after the refinery and gasoline marketing company overnight announced the repurchase of another 914,411 shares from REH Company, with the $50 million transaction marking the sixth buyback of stock from the former owners of the Sinclair Cos since its March 18 merger with HollyFrontier.

TC Energy (TRP) added 1.2% after the pipeline company Tuesday said it was beginning pre-construction work on the 81-megawatt Saddlebrook Solar project near Aldersyde, Alberta, and will invest $146 million to build its first solar power facility in Canada.

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