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Sector Update: Energy Stocks Slide Late Afternoon
2024-08-28 03:46
03:46 PM EDT, 08/27/2024 (MT Newswires) -- Energy stocks were falling late Tuesday afternoon, with the NYSE Energy Sector Index down 0.7% and the Energy Select Sector SPDR Fund (XLE) decreasing 1%.
The Philadelphia Oil Service Sector Index was dropping 1%, and the Dow Jones US Utilities Index was shedding 0.7%.
Front-month West Texas Intermediate crude oil fell 2.3% to $75.62 a barrel while the global benchmark Brent crude contract dropped 2.2% to $79.63 a barrel. Henry Hub natural gas futures were 2% lower at $1.92 per 1 million BTU.
In corporate news, ReNew (RNW) shares added 0.4% after it said Tuesday it has signed a 437.6 megawatts renewable power sale agreement with Microsoft (MSFT).
Exxon Mobil (XOM) is looking to sell a host of traditional oil assets in the Permian Basin for about $1 billion as it focuses on shale production, Bloomberg reported Tuesday. Exxon shares were falling 0.8%.
BWX Technologies (BWXT) shares added 0.1% after it said Monday it won a contract to conduct a yearlong study for the National Nuclear Security Administration on options for establishing a centrifuge pilot plant for domestic uranium enrichment for national security purposes.
Woodside Energy (WDS) has received interest from potential equity partners for the US ammonia project it's acquiring from OCI Global for $2.35 billion, the Wall Street Journal reported. Woodside shares were rising 2.5%.
