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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 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.4%.

The Philadelphia Oil Service Sector Index was shedding 0.4%, and the Dow Jones US Utilities Index rose 1%.

In geopolitical news, an Iranian official said a framework on the Strait of Hormuz has been agreed with Oman, with "a final decision to be made at higher levels," Al Jazeera, a Middle Eastern broadcaster, cited Iranian state media reports. The deal would not automatically reopen the waterway, Tehran's deputy foreign minister said, according to CNN.

Front-month West Texas Intermediate crude oil rose 1% to $78.08 a barrel, and the global benchmark Brent crude contract added 1% to $83.32 a barrel. Henry Hub natural gas futures increased 1.1% to $2.67 per 1 million BTU.

In corporate news, Vistra's (VST) shares were slightly lower after it reported Q2 results that fell short of consensus expectations.

Calumet (CLMT) shares were down 3.8% after the company reported Friday it narrowed its Q2 loss to $1.09 per basic share, from a loss of $1.70 a year earlier. Analysts expected earnings of $0.07.

Baker Hughes' (BKR) industrial and energy technology segment is expected to be its main growth engine, supported by strong project flow, record orders and rising power demand, Morgan Stanley said in a report. Morgan Stanley resumed coverage of Baker Hughes with an overweight rating and top pick and a $70 price target. Baker Hughes shares were down 0.3%.

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