Sector Update: Energy
Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index falling 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.2%. The Philadelphia Oil Service Sector Index dropped 1.5%, and the Dow Jones US Utilities Index was fractionally lower. Front-month West Texas Intermediate crude oil fell 2.2% to $71.91 a barrel, and the global benchmark Brent crude contract dropped 2.4% to $76.15 a barrel. Henry Hub natural gas futures slumped 6% to $3.02 per 1 million BTU. In corporate news, Chevron (CVX) is poised to post Q2 earnings above Wall Street's expectations on stronger crude prices and improved refining margins, UBS Securities said in a note. Chevron shares were down 1%.
Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index falling 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.2%.
The Philadelphia Oil Service Sector Index dropped 1.5%, and the Dow Jones US Utilities Index was fractionally lower.
Front-month West Texas Intermediate crude oil fell 2.2% to $71.91 a barrel, and the global benchmark Brent crude contract dropped 2.4% to $76.15 a barrel.
Henry Hub natural gas futures slumped 6% to $3.02 per 1 million BTU.
In corporate news, Chevron (CVX) is poised to post Q2 earnings above Wall Street's expectations on stronger crude prices and improved refining margins, UBS Securities said in a note.
Chevron shares were down 1%.