Sector Update: Energy Stocks Fall Late Afternoon
Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.5%.The Philadelphia Oil Service Sector Index shed 0.2%, and the Dow Jones US Utilities Index rose 0.3%.West Texas Intermediate crude oil fell 2.7% to $93.96 a barrel, and global benchmark Brent rose 3.8% to $99.79 a barrel. Henry Hub natural gas futures was slightly lower at $2.91 per 1 million BTU.In corporate news, Occidental Petroleum (OXY) is acquiring a 10% stake in Exxon Mobil's (XOM) deepwater exploration block off the coast of Trinidad and Tobago, Reuters reported. Occidental shares were down 1.9%, and Exxon fell 3.1%.BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 3.9%.Oklo (OKLO) shares jumped 4.5% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.1% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.3%.
