Sector Update: Energy Stocks Rebound Tuesday, Oil Prices Rise

Last Updated: Tuesday, September 21, 2021 3:55 PM | MT Newswires

Energy stocks were firmer near Tuesday's close after rebounding from Monday's broad sell-off, with the NYSE Energy Sector Index rising 1.2% and the Energy Sector SPDR ETF (XLE) advancing 0.8%. The Philadelphia Oil Service Sector Index was 0.2% softer while the Dow Jones US Utilities Index was up 0.2%.

Front-month West Texas Intermediate crude oil rose $0.27 to $70.56 per barrel. while global benchmark Brent advanced $0.62 to $74.54. Henry Hub natural gas futures were $0.16 lower at $4.82 per million BTU.

In company news, ConocoPhillips (COP) struck a deal to acquire the Permian Basin assets of Royal Dutch Shell (RDS.A), for $9.5 billion in cash. ConocoPhillips shares were up 4%, and Shell also gained almost 4%.

Nuvve (NVVE) said that it won a competitively awarded contract from cooperative purchasing organization Sourcewell to provide equipment for electric vehicle fleets. The stock was 0.8% lower near the close.

TC Energy (TRP) and EDP Renewables said late Monday they signed a 15-year power purchase agreement for the 297-megawatt Sharp Hills Wind Farm in Alberta, Canada. TC Energy shares gained 0.8%.

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