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Sector Update: Energy

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Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.

The Philadelphia Oil Service Sector Index shed 0.5%, and the Dow Jones US Utilities Index was down 0.8%.

Front-month West Texas Intermediate crude oil rose 0.4% to $79.68 a barrel, and the global benchmark Brent crude contract added 0.3% to $85.02 a barrel. Henry Hub natural gas futures advanced 0.8% to $2.93 per 1 million BTU.

In corporate news, Shell's (SHEL) acquisition of ARC Resources adds portfolio optionality and supports LNG growth, though the company may still fall short of what investors are seeking, RBC Capital Markets said in a note. RBC resumed coverage of Shell with a sector perform rating. Shell shares were up 0.1%.

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Sector Update: Financial Stocks Higher Late Afternoon

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