Sector Update: Energy

MT Newswires Live
Mar 11

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1.2%.

The Philadelphia Oil Service Sector Index was adding 0.6%, and the Dow Jones US Utilities Index was up 0.2%.

Front-month West Texas Intermediate crude oil fell past 16% to $79.23 a barrel, and the global benchmark Brent crude contract dropped nearly 15% to $84.55 a barrel. Henry Hub natural gas futures fell 4.4% to $2.98 per 1 million BTU.

In corporate news, GeoPark (GPRK) shares slumped 4.8% after it said late Monday it will not increase its offer for Frontera Energy's Colombian exploration and production assets after Frontera determined Parex Resources' proposal was superior.

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