Sector Update: Energy Stocks Slump Late Following Wednesday's FOMC Statement

Last Updated: Wednesday, January 26, 2022 3:46 PM | MT Newswires

Energy stocks were ending mixed this afternoon, with the NYSE Energy Sector Index climbing 0.2% while the SPDR Energy Select Sector ETF (XLE) was down 0.5% in late trade. The Philadelphia Oil-Service Sector index was sliding 0.4%, also giving back an early advance, and the Dow Jones US Utilities Index was slipping 1.1%.

Front-month West Texas Intermediate crude oil settled $1.75 higher at $87.35 per barrel while global benchmark Brent crude also was advancing $1.08 to $89.28 per barrel. Henry Hub natural gas futures rose $0.22 to $4.28 per 1 million BTU.

In company news, Clean Energy Fuels (CLNE) rose 5% on Wednesday after announcing plans to build a methane capture facility at the Millenkamp dairy farm in Idaho through its joint venture with BP (BP). Once operational, the facility is expected to produce around 5 million gallons of renewable natural gas per year.

JinkoSolar Holding (JKS) rose 3% after its Jiangxi Jinko subsidiary overnight completed its initial public offering and first day of trading on the Shanghai Stock Exchange's Sci-Tech innovation board, issuing 2 billion ordinary shares priced at 5.00 renminbi ($0.79) each and generating around 10 billion renminbi in gross proceeds. The photovoltaic products company now owns approximately 58.62% of Jiangxi Jinko, which closed 111% above its IPO price, the company said.

Borr Drilling (BORR) climbed 3.5% after Wednesday saying lenders have agreed to revise portions of its senior secured facilities with shipyards extending their maturities and delivery installments by two years until 2025. Borr said the consents were needed to complete a $30 million equity offering of about 13.3 million shares through the Oslo Stock Exchange. It also is beginning talks with senior lenders and selected bondholders to refinance those securities by June 30.

Sunrun (RUN) was down 5%, reversing a midday advance, after the residential solar energy company Wednesday said it retired its entire $250 million recourse lending facility and negotiated a larger $425 million loan package maturing in January 2025 and offering better terms over its prior credit extensions. It also expands Sunrun's borrowing base to support more efficient inventory funding.

Share this article:

Related Companies

You May Also Like

Related Articles

Sector Update: Consumer Stocks Gain on Friday

Sector Update: Health Care Stocks End Higher

Sector Update: Tech Stocks Lead Markets Recovery This Week

Sector Update: Health Care

Related Companies