Home Commodities Sector Update: Energy Stocks, Commodities Extending Monday Gains This Afternoon

Sector Update: Energy Stocks, Commodities Extending Monday Gains This Afternoon

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Energy stocks added to their prior gains this afternoon, with the NYSE Energy Sector Index and the SPDR Energy Select Sector ETF (XLE) both rising 3.3%. The Philadelphia Oil-Service Sector index was posting a 4.2% advance and the Dow Jones US Utilities Index was adding 0.8%.

West Texas Intermediate crude oil settled $1.95 higher at $109.57 per barrel while North Sea Brent crude also was gaining $1.91 to $115.03 per barrel. Henry Hub natural gas futures rose $0.28 to $6.50 per 1 million BTU.

In company news, Ameren (AEE) advanced 1.1% after Monday announcing its purchase of the 200-megawatt Huck Finn solar-energy installation in central Missouri slated to begin operations in 2024. Financial terms of the transaction were not disclosed.

Capstone Green Energy (CGRN) added 7.5% after Monday announcing a follow-on order for two of its Signature series microturbines with a total capacity of 1.6 megawatts from a bottling and packaging provider in Mexico.

Borr Drilling (BORR) climbed 10% after the Norwegian oilfield services company Monday said it signed a letter of intent with an unnamed third party for the sale of three jack-up rigs being built with Keppel FELS for a combined $320 million, including delivery installments and other future costs.

Vermilion Energy (VET) rose over 12% after a Scotiabank upgrade of the Canadian oil and natural producer to sector outperform from sector perform.

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