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IXIC14,161.35+121.67 0.87%

Sector Update: Energy

05/11/2021 08:46

12:45 PM EDT, 05/11/2021 (MT Newswires) -- Energy stocks were lower this afternoon, with the NYSE Energy Sector Index falling 1.6% while the SPDR Energy Select Sector ETF was down 2.2%.

The Philadelphia Oil-Service Sector index was posting a 0.5% gain although the Dow Jones US Utilities Index was sinking 1.4%.

Front-month West Texas Intermediate crude oil was rising $0.05 to $64.97 per barrel at the New York Mercantile Exchange while Henry Hub natural gas futures were steady at $2.94 per 1 million BTU.

In company news, Pioneer Natural Resources (PXD) dropped 6% after the oil and natural gas announced plans for a secondary offering of 6 million common shares owned by affiliates of Apollo Global Management (APO) and privately held Quantum Energy Partners.