Tiger Brokers

Sector Update: Energy

MT Newswires Live
3 hours ago

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.8%.

The Philadelphia Oil Service Sector Index increased 0.8%, and the Dow Jones US Utilities Index advanced 0.4%.

Front-month West Texas Intermediate crude oil rose 3% to $93.12 a barrel, and the global benchmark Brent crude contract climbed 4.5% to $102.44 a barrel. Henry Hub natural gas futures fell 2.4% to $2.95 per 1 million BTU.

In corporate news, Occidental Petroleum (OXY) shares rose 4.3% after Goldman Sachs upgraded the stock to buy from neutral and lifted its price target to $69 from $63.

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