Sector Update: Energy

MT Newswires Live
Jul 08

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.6%.

The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index was rising 1.4%.

Front-month West Texas Intermediate crude oil rose 2.9% to $70.55 a barrel, and the global benchmark Brent crude contract climbed 3.1% to $74.23 a barrel. Henry Hub natural gas futures added 0.9% to $3.28 per 1 million BTU.

In corporate news, TotalEnergies (TTE) will discuss moving toward an offshore exploration contract with Syria, but Chief Executive Patrick Pouyanne said security concerns prevent a return to onshore oil operations for now, Reuters reported. TotalEnergies shares were up 1.2%.

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