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Sector Update: Energy Stocks Fall Late Afternoon

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Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.7%.

The Philadelphia Oil Service Sector Index shed 3.3%, and the Dow Jones US Utilities Index added 0.2%.

Front-month West Texas Intermediate crude oil rose 0.1% to $76.86 a barrel, and the global benchmark Brent crude contract added 0.1% to $79.62 a barrel. Henry Hub natural gas futures gained 2.5% to $3.22 per 1 million BTU.

US natural gas stocks rose 73 billion cubic feet in the week ended June 12, below the 76 billion rise expected in a Bloomberg survey, and following an increase of 108 billion cubic feet in the previous week.

In corporate news, New Fortress Energy (NFE) shares fell 13%. The firm said Thursday the UK restructuring plan between its subsidiaries and some creditors was approved at a hearing in the High Court of Justice of England and Wales.

Energy Fuels (UUUU) shares jumped more than 6% after the company said Thursday it obtained a conditional $725 million senior-secured debt commitment from the US Office of Strategic Capital.

Energy Transfer (ET) said it is expanding its Nederland, Texas NGL export terminal, adding 240,000 bpd of ethane capacity and 55,000 bpd of LPG capacity, with all ethane volumes committed under long-term contracts into the 2040s. Its shares were fractionally lower.

Double Eagle Energy said Thursday that it has no interest in a publicly proposed arrangement that would see principal John Sellers serve as chairman of Fermi Inc. (FRMI), operating as Fermi America. Fermi shares climbed past 6%.

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