Sector Update: Energy Stocks Sharply Higher as Commodity Prices Gain

Last Updated: Monday, June 27, 2022 1:30 PM | MT Newswires

Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index rising 2.8% while the SPDR Energy Select Sector ETF (XLE) was up 2.9%. The Philadelphia Oil-Service Sector index was posting a 3% advance and the Dow Jones US Utilities Index was adding 0.7%.

West Texas Intermediate crude oil was rising $2.67 to $110.29 per barrel while Brent crude was gaining $2.66 to $115.78 per barrel. Henry Hub natural gas futures were advancing $0.25 to $6.47 per 1 million BTU.

In company news, Capstone Green Energy (CGRN) added 6.2% after receiving a follow-on order for two signature series microturbines with a total capacity of 1.6 megawatts from a bottling and packaging provider in Mexico.

Vermilion Energy (VET) rose 9.9% after a Scotiabank upgrade of the Canadian oil and natural producer to sector outperform from sector perform.

Borr Drilling (BORR) climbed nearly 12% after the Norwegian oilfield services company said Monday it signed a letter of intent with an unnamed third party for the sale of three jack-up rigs being built with Keppel FELS for a combined $320 million, including delivery installments and other future costs.

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