Sector Update: Energy Stocks Rebound with Broader Markets, Crude Oil Gains

Last Updated: Wednesday, November 30, 2022 4:07 PM | MT Newswires

Energy stocks turned solidly higher late Wednesday, with the NYSE Energy Sector Index climbing 1.2% while the SPDR Energy Select Sector ETF (XLE) was up 0.3%. The Philadelphia Oil-Service Sector index was posting a 1.6% advance and the Dow Jones US Utilities Index was ahead 2.4%.

West Texas Intermediate crude oil settled $2.40 higher at $80.60 per barrel after the Energy Information Administration Wednesday reported a drop of 12.6 million barrels in commercial inventories during the seven days ended Nov. 25, or more than four times market expectations for a 3.1-million-barrel decline last week.

North Sea Brent crude also was advancing $2.40 to $85.43 per barrel this afternoon while Henry Hub natural gas futures fell $0.26 to $6.98 per 1 million BTU.

In company news, Recon Technology (RCON) added 5.7% after the oilfield-services company said its Nanjing Recon Technology unit has received a two-year contract valued at around 6.7 million Chinese renminbi ($948,257) to provide automation control and instrumentation maintenance services for a natural gas generation plant operated by an unnamed energy producer.

Frontline (FRO) rose 6.6% after the tanker company nearly reported net income of $0.69 per share for the three months ended Sept. 30, reversing a $0.17 per share net loss during the same quarter last year.

Eni (E) added 0.2% following reports the Italian energy major was in preliminary talks to acquire Neptune Energy from a consortium that includes China Investment Corp, the Carlyle Group (CG) and CVC Capital Partners. The Reuters report, citing an unnamed source familiar with the matter, set the likely purchase price between $5 billion and $6 billion.

KNOT Offshore Partners (KNOP) plunged 18% after the shuttle tankers company said Q3 distributable cash flow rose to $10.9 million during the three months ended Sept. 30, improving on $9.4 million during the year-ago period but still trailing the single-analyst estimate expecting $13.6 million for the recent quarter.

Share this article:

Related Companies

You May Also Like

Related Articles

Sibanye Stillwater Ltd (SBSW) Stock Is Lower By -4.28% This Week: Buy, Hold, or Sell?

Should You Add Sibanye Stillwater Ltd (SBSW) Stock to Your Portfolio Tuesday?

Basic Materials Stocks Making Moves Tuesday: LAC, CYDVF, CRECF, GPRE, SYAAF, PILBF, LYSCF, CURUF

Should You Hold Scotts Miracle-Gro Co (SMG) Stock Tuesday?

Is Danimer Scientific Inc (DNMR) Stock at the Top of the Specialty Chemicals Industry?

Standard Lithium Ltd (SLI) is higher by 27.30% in a Week, Should You Hold?

Related Companies