Sector Update: Energy Stocks Sink Thursday

Last Updated: Thursday, December 8, 2022 3:56 PM | MT Newswires

Energy stocks turned solidly lower Thursday afternoon, with the NYSE Energy Sector Index sinking 0.5% while the SPDR Energy Select Sector ETF (XLE) was down 0.9%. The Philadelphia Oil-Service Sector index also was falling 0.4% but the Dow Jones US Utilities index both was posting a 0.5% gain.

West Texas Intermediate crude oil futures settled $0.55 lower at $71.46 per barrel while North Sea Brent crude also was sliding $0.98 to $76.19 per barrel. Henry Hub natural gas futures rose $0.24 to $5.96 per 1 million BTU.

In company news, DTE Energy (DTE) gained 2.9% after the utility company said it has retired its Trenton Channel and St. Clair coal-fired power plants in southeastern Michigan as part of its plan to reach net zero carbon emissions. The St. Clair facility already had been on standby-only status since this summer for use during periods of high customer demand or extreme temperatures.

TC Energy (TRP) was 0.4% higher after saying it has temporarily shut down the Keystone pipeline following a confirmed release of oil Wednesday night in southern Nebraska. Crews were working to repair the affected segment and recover the oil, the company said in a prepared statement without providing details on how much oil was released or recovered so far.

Shell (SHEL) was fractionally higher, rising 0.1%, after Thursday urging investors to reject an unsolicited "mini-tender" offer by TRC Capital Investment seeking to buy up to 2 million of the energy major's American depositary shares at $53.25 apiece. The TRC bid began Nov. 12 and runs through Dec. 14, according to the company, noting the offering price represents a significant discount to Wednesday's closing price of $56.35 per ADS.

Among decliners, NextEra Energy Partners (NEP) slid 4.3% after the renewable energy producer Thursday priced a $500 million private placement of 2.50% convertible senior notes due 2026. Net proceeds will be used to fund a portion of NextEra's proposed $805 million acquisition of several wind and renewable power projects, repay existing debt, and for general partnership purposes, it said.

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