Sector Update: Energy Stocks Advance Late Afternoon
Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.The Philadelphia Oil Service Sector Index was climbing 1.6%, while the Dow Jones US Utilities Index fell 1.8%.Front-month West Texas Intermediate crude oil rose 2.8% to $92.13 a barrel, and the global benchmark Brent crude contract was advancing 1.8% to $97.23 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Vaalco Energy (EGY) shares jumped 10% after the company said its Etame 14H development well is in an attic position after the company drilled, completed and placed it on production in Gabon.Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.Spain's National Markets and Competition Commission, or CNMC, has shelved its investigation into BP (BP), Repsol, and Cepsa's alleged collusive practices and abuse of their dominant market position, according to a translation of a Tuesday statement from the regulator. BP shares added 1.9%.Shell (SHEL) faces a fresh lawsuit by a Dutch climate activist organization demanding it immediately end its investments in new oil and gas projects, Reuters reported, citing court documents. Shell shares were up 0.9%.