Sector Update: Energy

MT Newswires Live
Jun 06

Energy stocks were mixed late Thursday afternoon with the NYSE Energy Sector Index increasing 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector Index rose 0.3%, and the Dow Jones US Utilities Index was little changed.

West Texas Intermediate crude oil rose 0.9% to $63.41 a barrel, and global benchmark Brent advanced 0.8% to $65.39 a barrel. Henry Hub natural gas futures fell 1.3% to $3.67 per 1 million BTU.

US natural gas stocks rose by 122 billion cubic feet in the week ended Friday, larger than the 112 billion increase expected in a survey compiled by Bloomberg and following the gain of 101 billion in the previous week.

In corporate news, American Electric Power (AEP) completed the sale of a 19.9% equity stake in the Ohio and Indiana Michigan transmission businesses for $2.82 billion to KKR (KKR) and PSP Investments. AEP shares rose 0.1%.

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