Sector Update: Energy Stocks Trading on Either Side of Even This Afternoon

Last Updated: Friday, July 1, 2022 2:10 PM | MT Newswires

Energy stocks were mixed this afternoon, with the NYSE Energy Sector Index rising 0.4% and the SPDR Energy Select Sector ETF (XLE) down 0.4%. The Philadelphia Oil-Service Sector index was posting a 1.6% retreat but the Dow Jones US Utilities Index was adding 1.6%.

West Texas Intermediate crude oil was rising $2.52 to $108.28 per barrel while North Sea Brent crude also was advancing $2.41 to $111.44 per barrel. Henry Hub natural gas futures were $0.28 higher at $5.70 per 1 million BTU.

In company news, Oasis Petroleum (OAS) was 2.5% higher, recovering from its morning decline, after Friday completing its business combination with Whiting Petroleums and creating Chord Energy, which will begin trading under its new CHRD ticker symbol on Tuesday. The merged oil and natural gas producers also said they are expecting to generate between 156.4 million to 158.8 million barrels of oil equivalent this year, reflecting their combined capacities.

Exxon Mobil (XOM) rose 1% on Friday amid reports the energy major was temporarily shuttering its Esso Fos refinery in France after workers walked off their jobs earlier this week in a fight over pay. Members of the CGT union began their strike on Tuesday, demanding higher wages to counteract the impact of inflation on their personal finances, with the company telling Reuters it hopes to resolve the dispute "through dialogue and efforts to seek a fair resolution."

Borqs Technologies (BRQS) climbed 4.8% after Friday saying its Holu Hou Energy subsidiary has received contracts valued at nearly $50 million for nine "solar-plus" energy storage projects from property owners and developers in Hawaii. Work is slated to begin later this summer, the company said, with completion expected in 2023.

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