Sector Update: Energy Stocks Higher Late Afternoon
Energy stocks advanced late Thursday afternoon, with the NYSE Energy Sector Index rising 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index gained 2.5%, and the Dow Jones US Utilities Index increased 0.7%.In sector news, Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged ship on Thursday in the Strait of Hormuz, damaging the vessel's bridge while causing no casualties, the Wall Street Journal reported.West Texas Intermediate crude oil rose 2.5% to $72.12 a barrel, and global benchmark Brent added 2.4% to $75.48 a barrel.US natural gas stocks rose by 76 billion cubic feet in the week ended June 19, larger than the 69 billion cubic feet increase expected in a Bloomberg survey and following an increase of 73 billion cubic feet in the previous week. Henry Hub natural gas futures gained 2.1% to $3.29 per 1 million BTU.In corporate news, Chevron (CVX) said its Venezuelan business remains operational and that all of its workers are accounted for after back-to-back earthquakes in the country, Bloomberg reported, citing a company statement. Chevron shares were up 0.3%.Prairie Operating (PROP) said Thursday that it promoted Gregory Patton to chief executive and board member, and named Michael Shelly as chief financial officer. Its shares jumped 8%.TotalEnergies (TTE) must spell out the climate risks tied to emissions from its oil and gas products and detail how it plans to address them, the Paris Judicial Court ruled Thursday, Reuters reported, citing a summary of the decision. TotalEnergies shares eased 0.1%.Eco Wave Power Global (WAVE) shares climbed 6.1% after the company priced an offering of 400,000 American depositary shares to an institutional investor at $10 apiece for gross proceeds of $4 million.
