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Sector Update: Energy

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Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1%.

The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.6%.

Front-month West Texas Intermediate crude oil fell 2.3% to $86.83 a barrel, and the global benchmark Brent crude contract dropped 1.9% to $91.94 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.

In corporate news, Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript. Exxon shares were down 0.8%.

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