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Sector Update: Energy

05/11/2021 05:02

08:59 AM EDT, 05/11/2021 (MT Newswires) -- Energy stocks were slipping before Tuesday's market open as the Energy Select Sector SPDR (XLE) was down by 1.99% recently. The US Oil Fund ETF (USO) was declining 1.1% while the United States Natural Gas Fund (UNG) was down 1.2%. Brent Crude was down 1.2% , West Texas Intermediate crude oil was declining 1.3% per barrel and the natural gas futures were down 1.1%.

In company news, Plug Power (PLUG) was down more than 11% after it projected more than $67 million in Q1 revenue, up more than 70% over year-ago levels but missing the the Street consensus for revenue of $75.9 million to $102.2 million. It also said that there will be delay in the filing of the Form 10-Q containing its Q1 financial statement as it aims to complete the restatement of its Form 10-K annual report for the 12 months ended Dec. 31.