Sector Update: Energy Stocks Tumble Following 2.5% Retreat for Crude Oil

Last Updated: Monday, December 5, 2022 3:57 PM | MT Newswires

Energy stocks continued to lose ground this Monday afternoon, with the NYSE Energy Sector Index falling 2.7% and the SPDR Energy Select Sector ETF (XLE) down 3.2%. The Philadelphia Oil-Service Sector index was dropping 4.3% and the Dow Jones US Utilities Index was slipping 0.6%.

West Texas Intermediate crude oil settled $2.71 lower at $77.27 per barrel while North Sea Brent crude also was sliding $2.63 to $82.94 per barrel. Henry Hub natural gas futures fell $0.70 to $5.58 per 1 million BTU.

In company news, Capstone Green Energy (CGRN) dropped 6.2%. The energy-as-a-service company announced a new two-year rental agreement for an 800-kilowatt microturbine system for an unnamed cryptocurrency data mining company in western Texas. The customer is also evaluating a 1-megawatt system for possible deployment early next year, Capstone said.

Golar LNG (GLNG) fell 1.2% after the liquified natural gas and regasification company said it plans to repurchase a portion of its $300 million in senior unsecured bonds due October 2025 through a reverse Dutch auction running through Dec. 9.

Canadian Solar (CSIQ) declined almost 1%, giving back a more than 2% gain earlier after announcing a new contract to provide solar modules for a pair of power projects now under construction in South Africa by the SOLA Group. Financial terms were not disclosed.

TOP Ships (TOPS) tumbled, at one point sinking 61% to a record low of $1.73 a share, after the tanker company priced a $13.5 million public offering of 6.8 million shares at $2 apiece, representing a 55% discount to Friday's closing price. Investors also received a five-year, class C warrant to buy another share exercisable at $2 a share for each share they bought. Shares were nearly 54% lower late Monday.

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