Sector Update: Energy Stocks Post Small Gains Amid Crude Oil Advance

Tuesday, May 4, 2021 1:16 PM | MT Newswires

Energy stocks were edging higher this afternoon, with the NYSE Energy Sector Index and the SPDR Energy Select Sector ETF up 0.1% each.

Front-month West Texas Intermediate crude oil was rising $1.09 to $65.58 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was advancing $1.19 to $68.75 per barrel. Henry Hub natural gas futures were $0.02 lower at $2.95 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund was ahead 1.7% while the United States Natural Gas Fund was sliding 0.6%. The Philadelphia Oil-Service Sector index was posting a 0.2% gain and the Dow Jones US Utilities Index was sinking 0.9%.

In company news, Renewable Energy Group (REGI) climbed 10% after the biofuels company reported Q1 net income of $0.88 per share, down from $1.67 per share during the same quarter last year but blowing past the Capital IQ consensus call expecting a $0.16 per share profit.

Oasis Petroleum (OAS) slipped 2% after saying it was buying selected Williston Basin assets from Diamondback Energy (FANG) for $745 million in cash.

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