Sector Update: Energy Stocks Sinking Despite Little Movement Tuesday for Commodities
01:04 PM EDT, 05/11/2021 (MT Newswires) -- Energy stocks were lower this afternoon, with the NYSE Energy Sector Index falling 2% while the SPDR Energy Select Sector ETF was down 2.7%.
Front-month West Texas Intermediate crude oil was rising $0.05 to $64.97 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was unchanged at $68.32 per barrel. Henry Hub natural gas futures were steady at $2.94 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund was ahead 0.4% while the United States Natural Gas Fund was adding 0.1%. The Philadelphia Oil-Service Sector index was posting a 0.5% gain although the Dow Jones US Utilities Index was sinking 1.4%.
In company news, Pioneer Natural Resources (PXD) dropped 6.5% after the company 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.
Montauk Renewables (MNTK) climbed 1.4% after the biogas recovery company announced its acquisition of privately held environmental technology and renewable energy company NR3. Financial terms were not disclosed.
Natural Gas Services Group (NGS) climbed 2.1% after the compression services company selected Micah Foster to be its new chief financial officer.