Sector Update: Energy Stocks Paring Morning Declines After WTI Crude Turns Positive

Last Updated: Monday, November 28, 2022 1:58 PM | MT Newswires

Energy stocks were declining this Monday afternoon, with the NYSE Energy Sector Index falling 1.2% while the SPDR Energy Select Sector ETF (XLE) was down 1.7%. The Philadelphia Oil-Service Sector index was retreating 1.5% and the Dow Jones US Utilities Index was slipping 1.0%.

West Texas Intermediate crude oil has turned higher this afternoon, rising $0.92 to $77.20 per barrel, while North Sea Brent crude still was sliding $0.33 to $83.30 per barrel. Henry Hub natural gas futures were $0.38 lower at $6.64 per 1 million BTU.

In company news, APA (APA) dropped 2.9% after saying it has determined its 50%-owned Awari exploration prospect offshore Suriname was noncommercial after it completed drilling activities. Shares of French energy company and joint venture partner TotalEnergies (TTE) were 0.8% lower.

EnLink Midstream (ENLC) fell 0.8% after the natural gas gathering, processing and transportations company said Chief Operating Officer Benjamin Lamb was becoming chief financial officer, succeeding Pablo Mercado, while Walter Pinto was taking Lamb's former role. Pinto was the senior vice president of operational excellence at Enlink prior to his promotion.

National Energy Services Reunited (NESR) climbed 0.9% after announcing a new, five-year contract for directional drilling services in Kuwait. The deal includes performance drilling, well engineering and drill logs and also has an option for a one-year extension, the company said. Financial and other details of the contract were not disclosed.

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