Sector Update: Energy Stocks Sinking with Steep Declines by Crude Oil

Last Updated: Tuesday, July 12, 2022 1:01 PM | MT Newswires

Energy stocks were declining this afternoon, with the NYSE Energy Sector Index falling 2.0% and the SPDR Energy Select Sector ETF (XLE) down 2.1%.

The Philadelphia Oil-Service Sector index was sinking 3.8% although the Dow Jones US Utilities Index was adding 0.2%.

West Texas Intermediate crude oil was dropping $7.88 to $96.21 per barrel, while North Sea Brent crude was sinking $7.31 to $99.79 per barrel. Henry Hub natural gas futures were $0.21 lower at $6.21 per 1 million BTU.

In company news, Weatherford International (WFRD) declined 2.8% on Tuesday. The energy-services company overnight announced plans to next month redeem $50 million of its 11.0% senior notes maturing in December 2024. The redemption is scheduled for August 10, with the company now having $300 million of the notes outstanding.

Equinor (EQNR) slid 1.6% after the Norwegian energy major said it was buying battery storage developer East Point Energy. Financial details of the deal were not disclosed but the company said the acquisition supports its energy transition plans as well as creating other investment opportunities within the sector and expanding its energy offerings in the United States.

Westport Fuel Systems (WPRT) climbed more than 15% after late Monday saying it received a new contract from an unnamed original equipment manufacturer to develop vehicle applications using liquified petroleum gas and expected to generate around 38 million euros ($38.3 million) in revenue for the alternative-fuels technology company through December 2025. Initial production will begin before the end of the year.

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