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Sector Update: Energy

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Energy stocks were slightly higher late Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each increasing 0.1%.

The Philadelphia Oil Service Sector Index was down 0.4%, and the Dow Jones US Utilities Index rose 0.4%.

Front-month West Texas Intermediate crude oil shed 0.2% to $83.06 a barrel, and the global benchmark Brent crude contract decreased 0.2% to $88.77 a barrel. Henry Hub natural gas futures rose 1% to $2.80 per 1 million BTU.

In corporate news, Fervo Energy (FRVO) shares fell past 15%. The company reported a Q2 net loss Wednesday of $0.38 per diluted share, narrowing from a loss of $1.31 per share a year earlier. Weighted-average diluted shares outstanding totaled 157 million shares in the quarter ended June 30, up from 8.8 million year earlier. Three analysts polled by FactSet expected a loss of $0.11 per share.

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