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Sector Update: Energy Stocks Rise Late Afternoon

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Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index increasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.

The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was fractionally higher.

Front-month West Texas Intermediate crude oil shed 0.8% to $78.98 a barrel, and the global benchmark Brent crude contract decreased 0.8% to $84.27 a barrel. Henry Hub natural gas futures fell 1.2% to $2.89 per 1 million BTU.

In sector news, US natural gas stocks rose by 41 billion cubic feet in the week ended July 10, above the 39 billion increase expected in a survey compiled by Bloomberg and following an increase of 61 billion cubic feet in the previous week.

In corporate news, Excelerate Energy (EE) shares rose 2.2% after Goldman Sachs initiated coverage of the stock with a buy rating and a $49 price target.

Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg reported Thursday, citing a senior company executive. Chevron shares were up 1.1%.

Constellation Energy's (CEG) venture arm made an equity investment in Blue Energy, a developer of prefabricated nuclear power plants, for an undisclosed amount. Constellation shares were down 2.9%.

TotalEnergies (TTE) expects Q2 hydrocarbon production to be nearly 2.4 million barrels of oil equivalent per day, supported by about 4% organic growth, the company said Thursday. Its shares were shedding 1.9%.

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