Sector Update: Energy Stocks Finish Lower Amid Retreat in Oil Prices

Last Updated: Monday, September 20, 2021 4:48 PM | MT Newswires

Energy stocks closed lower Monday with the NYSE Energy Sector Index falling 2.5% and the SPDR Energy Select Sector ETF (XLE) was down 3.1%. Front-month West Texas Intermediate crude oil was down $1.27 to $70.70 per barrel. The benchmark Brent crude lost $1.08 to $74.26 per barrel, and Henry Hub natural gas futures fell $0.14 to $4.96 per 1 million BTU.

In company news, Laredo Petroleum (LPI) struck a deal to acquire about 20,000 net acres in western Glasscock County from Pioneer Natural Resources (PXD) for about $230 million. Laredo shares were down 1.9% while Pioneer dropped almost 5%.

Plug Power (PLUG) said it will build a facility in Fresno County, California, that will produce 30 metric tons of liquid green hydrogen per day. The stock was down 2.8%.

Independence Contract Drilling (ICD) struck a drilling contract to reactivate its 16th rig, which is scheduled to start work in the Permian Basin in mid-October. The stock was up 1.1% at the close.

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