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Sector Update: Energy Stocks Gain Wednesday Afternoon

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Energy stocks advanced Wednesday afternoon with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.

The Philadelphia Oil Service Sector Index climbed 1.3%, and the Dow Jones US Utilities Index gained 1.9%.

Crude oil prices rose amid escalating tensions between the US and Iran. The US will destroy an Iranian bridge or power plant, including facilities in and around Tehran, every time the country attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post.

West Texas Intermediate crude oil climbed 2.2% to $86.20 a barrel, and global benchmark Brent advanced 2.5% to $93.32 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.

In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.0 million barrels in the week ended July 17 following a decrease of 4.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.0 million barrels after a 1.7-million-barrel drop in the previous week, compared with the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.

In corporate news, Equinor (EQNR) shares gained 5.8% after the company posted higher Q2 adjusted earnings and revenue.

Eni (E) shares added 1.7% after it said Wednesday it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.

GE Vernova (GEV) is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik. GE Vernova shares were down 8.1%.

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Sector Update: Energy Stocks Rise Late Afternoon

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