Sector Update: Energy Stocks Rise Tuesday Afternoon
Energy stocks rose on Tuesday, with the NYSE Energy Sector Index up 0.8%. Amplify Energy shares surged nearly 19% after announcing plans to explore asset sales. Exxon Mobil is in discussions with Trinidad and Tobago for oil exploration, while its shares increased by 0.5%. Essential Utilities shares gained 1.6% following the completion of a $37.75 million acquisition of a wastewater system in Pennsylvania. Despite these gains, oil prices fell, with WTI at $66.40 and Brent at $68.55 per barrel.
Energy stocks advanced Tuesday afternoon with the NYSE Energy Sector Index up 0.8% and the Energy Select Sector SPDR Fund (XLE) adding 0.7%.
The Philadelphia Oil Service Sector Index climbed 2.7%, and the Dow Jones US Utilities Index gained 1.1%.
Front-month West Texas Intermediate oil fell 1.2% to $66.40 a barrel, and global benchmark Brent dropped 0.95% to $68.55 a barrel. Henry Hub natural gas futures declined 2.3% to $3.25 per 1 million BTU.
In corporate news, Amplify Energy shares jumped nearly 19% after the company said it has engaged TenOaks Energy Advisors to explore potential buyers for its assets in East Texas and Oklahoma.
Exxon Mobil is in talks with the government of Trinidad and Tobago to explore oil and gas in up to seven deepwater blocks off the country's east coast, Reuters reported. Exxon shares added 0.5%.
Essential Utilities shares rose 1.6% after it said Tuesday its Aqua Pennsylvania unit has completed a $37.75 million purchase of the City of Beaver Falls wastewater system in Beaver County, Pennsylvania.
