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Sector Update: Energy Stocks Gain Late Afternoon

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Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.

The Philadelphia Oil Service Sector Index was little changed, and the Dow Jones US Utilities Index shed 0.3%.

Crude oil futures rose as Iran struck Gulf nations Kuwait and Bahrain with missiles amid faltering diplomacy with Washington, the Wall Street Journal reported. Kuwait came under a barrage of ballistic missiles and drones on Wednesday that shut its international airport, killed one person, and injured dozens more, the report said.

West Texas Intermediate crude oil climbed 2.2% to $95.80 a barrel, and global benchmark Brent rose 1.8% to $97.74 a barrel. Henry Hub natural gas futures increased 2.2% to $3.24 per 1 million BTU.

In corporate news, Xcel Energy's (XEL) Colorado utility unit reached a non-unanimous settlement agreement in its electric rate case before the Colorado Public Utilities Commission, and the company reaffirmed its 2026 EPS guidance of $4.04 to $4.16. The stock declined 1%.

JinkoSolar (JKS) will enter the data-center business, supplying power directly from its plants to meet growing AI-driven demand, Nikkei Asia reported. JinkoSolar shares fell 0.9%.

CMS Energy (CMS) said Wednesday that it has appointed Sri Maddipati as executive vice president and chief financial officer of the company and its primary business Consumers Energy. CMS Energy shares were down 2.1%.

Obsidian Energy (OBE) agreed to acquire Belly River light oil assets in the Wilson Creek area of Willesden Green from Highwood Asset Management for an unadjusted purchase price of 105 million Canadian dollars ($75.8 million). Obsidian shares fell 1.1%.

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Sector Update: Energy Stocks Rise Late Afternoon

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