Sector Update: Energy Stocks Recover in Afternoon Trade With Rising Crude Oil Prices

Last Updated: Tuesday, January 18, 2022 3:53 PM | MT Newswires

Energy stocks returned to positive ground this afternoon, with the NYSE Energy Sector Index rising 0.8% while the SPDR Energy Select Sector ETF (XLE) was up 0.4%. The Philadelphia Oil-Service Sector index, however, was still posting a 0.8% decline and the Dow Jones US Utilities Index was down 1.1%.

Front-month West Texas Intermediate crude oil was $1.61 higher at $84.76 per barrel, hitting its highest price in seven years after a weekend drone attack in the United Arab Emirates threatened to further disrupt global supplies. The benchmark Brent crude contract was adding $1.56 to $88.04 per barrel while Henry Hub natural gas futures rose $0.02 to $4.28 per 1 million BTU.

In company news, Equinor (EQNR) was 1.2% lower late in Tuesday trading after the Norwegian energy major said it received 12 licenses in the North Sea, 10 in the Norwegian Sea and four in the Barents Sea from Norway's Ministry of Petroleum and Energy.

Continental Resources (CLR) was fractionally lower after the oil and natural gas producer Tuesday said company president and chief operating officer Jack Stark plans to retire by late spring and become a part-time senior advisor to CEO Bill Berry, who is taking on Stark's responsibilities as president. It also said former Chesapeake Energy (CHK) chief executive Doug Lawler will succeed Stark as chief operating officer on Feb. 1.

Advent Technologies (ADN) fell 3%. The company Tuesday said it was upgrading Globe Telecom rooftop sites in the Philippines with Advent's 10-kilowatt SereneU fuel cell systems as the mobile networking company works to reduce its carbon dioxide emissions. Financial terms were not disclosed.

To the upside, Alto Ingredients (ALTO) was climbing nearly 1%, reversing its midday decline, after the specialty alcohols producer announced its purchase of privately held Eagle Alcohol for $14 million, plus around $1.3 million in net working capital adjustments and up to $14 million more in financial milestone payments over the next five years. Alto is expecting the deal will immediately increase its net income and grow its adjusted EBITDA by $7 million to $9 million per year starting in 2023.

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