SPY422.11-2.37 -0.56%
DIA340.76-2.65 -0.77%
IXIC14,039.68-33.17 -0.24%

Sector Update: Energy

05/11/2021 11:54

03:39 PM EDT, 05/11/2021 (MT Newswires) -- Energy stocks headed lower late Tuesday afternoon, modestly extending prior declines. The NYSE Energy Sector Index was down 1.8% while the SPDR Energy Select Sector ETF (XLE) fell 2.3% and the Dow Jones US Utilities Index dropped 1.5%. The Philadelphia Oil Service Sector index managed a 0.1% gain. Front-month West Texas Intermediate crude oil settled $0.36 higher at $65.28 per barrel, while Henry Hub natural gas futures rose $0.02 to $2.96 per million BTU. In company news, TOP Ships (TOPS) rose 1.3% after saying it expects its new M/T Eco Malibu tanker to begin operations by the end of the week, with the initial time charter generating about $7.8 million in revenue. The company took delivery of the 157,000-ton Suezmax class vessel earlier Tuesday.