Sector Update: Energy Stocks Rebounding Late Friday

Last Updated: Friday, July 1, 2022 3:52 PM | MT Newswires

Energy stocks returned to positive ground this afternoon, with the NYSE Energy Sector Index rising 0.8% in late trade while the SPDR Energy Select Sector ETF (XLE) was up 1.3%, rebounding from midday losses. The Philadelphia Oil-Service Sector index was still retreating 0.4% although the Dow Jones US Utilities Index was adding 2.3%.

West Texas Intermediate crude oil was $2.67 higher at $108.43 per barrel while Brent crude was advancing $2.25 to $111.38 per barrel. Henry Hub natural gas futures rose $0.31 to $5.73 per 1 million BTU.

In company news, Enviva (EVA) added 3.3% after late Thursday pricing a $250 million offering of US tax-exempt "green bonds" maturing in 2052. Net proceeds will be used fund the construction of a wood-pellet production plant in Epes, Alabama.

Oasis Petroleum (OAS) was rising 3%, rebounding from a more than 6% slide, after Friday completing its business combination with Whiting Petroleums and creating Chord Energy, which will begin trading under its new CHRD ticker symbol on Tuesday. The merged oil and natural gas producers also said they are expecting to generate between 156.4 million to 158.8 million barrels of oil equivalent this year, reflecting their combined capacities.

Exxon Mobil (XOM) gained 2.6% on Friday amid reports the energy major was temporarily shuttering its Esso Fos refinery in France after workers walked off their jobs earlier this week in a fight over pay. Members of the CGT union began their strike on Tuesday, demanding higher wages to counteract the impact of inflation on their personal finances, with the company telling Reuters it hopes to resolve the dispute "through dialogue and efforts to seek a fair resolution."

Borqs Technologies (BRQS) climbed 5.5% after Friday saying its Holu Hou Energy subsidiary has received contracts valued at nearly $50 million for nine "solar-plus" energy storage projects from property owners and developers in Hawaii. Work is slated to begin later this summer, the company said, with completion expected in 2023.

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