Sector Update: Energy Stocks Largely Stall After Morning Advance

Last Updated: Tuesday, November 29, 2022 3:54 PM | MT Newswires

Energy stocks maintained their advance Tuesday afternoon, with the NYSE Energy Sector Index and the SPDR Energy Select Sector ETF (XLE) each rising around 1.5%. The Philadelphia Oil-Service Sector index was posting a 2.7% advance although the Dow Jones US Utilities Index was slipping 0.9%.

West Texas Intermediate crude oil settled $0.96 higher at $78.20 per barrel while North Sea Brent crude also was advancing $0.29 to $83.48 per barrel. Henry Hub natural-gas futures rose $0.04 to $7.24 per 1 million BTU.

In company news, TC Energy (TRP) dropped 6.8% after the Canadian pipeline company said its Coastal GasLink project continues to face significant cost pressures for labor as well as labor shortages and contractor underperformance and disputes.

PBF Energy (PBF) was sinking 2.9% after S&P Dow Jones Indices overnight said the refinery company will join the S&P MidCap 400 beginning on Thursday, moving up from the S&P SmallCap 600 index.

Suncor Energy (SU) fell 0.4% after saying it will optimize its Petro-Canada gas station chain and expand its strategic partnerships following a comprehensive review of the business. The review began earlier this year after Elliott Investment Management called for a shakeup of the Canadian energy company's "slow-moving, overly bureaucratic corporate culture."

ConocoPhillips (COP) climbed 0.9% after confirming it signed a pair of agreements with QatarEnergy to supply long-term liquefied natural gas to Germany beginning in 2026.

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