Energy stocks turned mixed this afternoon, with the NYSE Energy Sector Index slipping 0.4% while the SPDR Energy Select Sector ETF (XLE) was up 0.4% in late trade. The Philadelphia Oil-Service Sector index also was dropping less than 0.1% and the Dow Jones US Utilities Index was climbing 1.7%.
West Texas Intermediate crude oil settled $0.52 lower at $109.77 per barrel although North Sea Brent crude was rising $0.35 to $113.77 per barrel. Henry Hub natural gas futures added $0.05 to $8.80 per 1 million BTU.
In company news, Aemetis (AMTX) was sinking 5% late in Tuesday trading. The renewable fuels company earlier announced a deal to supply the Alaska Air Group (ALK) with 13 million gallons of sustainable aviation fuel blended with petroleum Jet A fuel. Aemetis is expecting to produce the 40%/60% fuel mix from its facility in Riverbank, California, beginning in 2025.
To the upside, Chevron (CVX) has turned fractionally higher again this afternoon, recouping most of an early 1% gain, after the energy major bought a 50% equity stake in the Bayou Bend offshore carbon capture and sequestration hub for $50 million in cash and capital cost reimbursements from joint venture partners Talos Energy (TALO) and privately held Carbonvert, which are each retaining 25% ownership of the project. Talos shares also were gaining 1%.
Cosan (CSAN) rose 2% after the Brazilian refinery company overnight said it closed on its $479 million acquisition of PetroChoice Lubrication Solutions from private-equity investors Golden Gate Capital.
Frontline (FRO) gained 6.6% after the tanker company reported a 12.1% increase in Q1 revenue over year-ago levels, rising to $217.4 million during the three months ended March 31 and easily beating the Capital IQ consensus expecting $106.8 million in Q1 revenue.