Sector Update: Energy Stocks Paring Early Declines; Crude Oil Continues Retreat

Last Updated: Tuesday, August 16, 2022 1:32 PM | MT Newswires

Energy stocks were narrowly lower this afternoon, with the NYSE Energy Sector Index and the SPDR Energy Select Sector ETF (XLE) slipping 0.1%.

The Philadelphia Oil-Service Sector index was falling 0.5% and the Dow Jones US Utilities Index was adding 0.3%.

West Texas Intermediate crude oil was sinking $2.44 to $86.97 per barrel, while North Sea Brent crude also was sliding $2.38 to $92.72 per barrel. Henry Hub natural gas futures were $0.47 higher at $9.20 per 1 million BTU.

In company news, Bloom Energy (BE) dropped 9.3% after the solid-oxide fuel-cells company late Monday it would sell 13 million of its class A common shares through an upcoming public offering. Net proceeds will fund additional research and development, sales and marketing and other general business activities.

Sunnova Energy (NOVA) slid 6.5% after disclosing plans for a $425 million private placement of convertible senior notes maturing in February 2028. The initial conversion rate, yield and other terms of the notes will be determined when the deal prices, the residential energy services firm said.

Scorpio Tankers (STNG) was 2.5%, reversing a small morning advance, after it said late Monday that it paid $50 million to buy back 1.29 million of its common shares at $38.65 apiece from its Eneti (NETI) affiliate.

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