Sector Update: Energy Stocks Hanging On For Modest Gains Following Monday Reversal in Crude Oil Price

Last Updated: Monday, October 18, 2021 1:35 PM | MT Newswires

Energy stocks were moderately higher this afternoon, with the NYSE Energy Sector Index climbing 0.4% while the SPDR Energy Select Sector ETF (XLE) was up 0.3%.

Front-month West Texas Intermediate crude oil was falling $0.12 to $82.16 per barrel while the global benchmark Brent crude contract also was declining to $84.37 per barrel. Henry Hub natural gas futures were $0.32 lower at $5.09 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund (USO) was dropping 0.4% while the United States Natural Gas Fund (UNG) was sliding 5.1%. The Philadelphia Oil-Service Sector index was posting a 0.7% gain but the Dow Jones US Utilities Index was sinking 0.6%.

In company news, Peabody Energy (BTU) raced over 20% higher amid a surge for coal producers Monday following reports Congressional Democrats may strip most green energy tax incentives from their economic and social safety net legislation in order to keep West Virginia Senator Joe Machin onboard with the massive government spending package.

Occidental Petroleum (OXY) rose 4.8% after Truist Securities raised its stock rating for the energy major to buy from hold and also increased its price target for Occidental shares by $15 to $50 each.

Ballard Power Systems (BLDP) climbed 2.8% after saying it will be the lead investor in the upcoming IPO of Forsee Power on the Euronext Paris exchange as part of a new partnership between the two companies to jointly develop and sell fuel cells and batteries for heavy-duty hydrogen mobility applications.

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