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Sector Update: Energy

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Energy stocks declined Tuesday afternoon with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.

The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index rose 0.5%.

West Texas Intermediate crude oil fell 2.6% to $94.12 a barrel, and global benchmark Brent rose 3.9% to $99.90 a barrel. Henry Hub natural gas futures advanced 1.2% to $2.94 per 1 million BTU.

In corporate news, BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 4.6%.

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$GCN6$GLD
Sectors

Natural Gas Rises Early Despite Cool Long-Term Forecasts

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$NGM6$UNG
Sectors

Gold Rises as the USD Weakens While U.S. and Iran Talk to End Their War

Gold traded higher early Monday as the U.S. dollar fell on hopes the United States and Iran are nearing a deal to end the three-month war that has caused the largest-ever energy supply shock.Gold for July delivery was last seen up $45.80 to US$4,602.20 per ounceThe rise comes as the countries continue talks to end the war that has kept the Strait closed for nearly three months, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations. The Wall Street Journal reported Iran is willing to lift its blockade of the Strait in exchange for the United States ending its blockade of Iranian ports, though Iran warned a final deal is not imminent.The price of the precious metal has remained rangebound as investors turn to the dollar on fears central banks will hike interest rates to combat the rising inflation that has followed the war's closure of the Strait of Hormuz, shutting in most of the oil exports from Persian Gulf nations that supplied a fifth of daily oil demand.The dollar fell early, with the ICE dollar index last seen down 0.27 points to 98.97. Treasury markets were closed due to the U.S. Memorial Day holiday.

$GCN6$GLD