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Sector Update: Energy Stocks Decline Friday Afternoon

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Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.5%.

The Philadelphia Oil Service Sector Index was falling 1.8%, and the Dow Jones US Utilities Index rose 0.5%.

Oil prices resumed their decline on Friday as tankers continued to transit through the Strait of Hormuz, a day after a vessel was attacked in the Gulf of Oman.

Front-month West Texas Intermediate crude oil fell 4% to $69.08 a barrel, and the global benchmark Brent crude contract dropped 4.1% to $72.43 a barrel. Henry Hub natural gas futures were 0.2% lower at $3.34 per 1 million BTU.

In corporate news, Constellation Energy (CEG) said it filed applications with the US Nuclear Regulatory Commission to renew the operating licenses for its Ginna and Nine Mile Point Unit 1 nuclear reactors in New York through 2049. Shares were down 2.2%.

Equinor (EQNR) is ending its offshore wind business activities in Japan by the end of the year. The decision is due to a reassessment of its strategic direction and focus on integrated power markets, the firm said. Shares fell 1.6%.

TotalEnergies (TTE) said Thursday the Paris Judicial Court rejected a bid by environmental groups and the City of Paris to block new oil and gas projects or force production cuts under France's duty of vigilance law. Shares were shedding 1.4%.

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