Sector Update: Energy Stocks Unable to Stem Tuesday Slide Despite Late Bounce in Commodity Prices
03:48 PM EDT, 05/11/2021 (MT Newswires) -- Energy stocks added slightly to their prior declines this afternoon, with the NYSE Energy Sector Index falling 1.8% while the SPDR Energy Select Sector ETF was down 2.3%. The Dow Jones US Utilities Index also was sinking 1.5% although the Philadelphia Oil-Service Sector index was posting a late 0.1% gain.
Front-month West Texas Intermediate crude oil settled $0.36 higher at $65.28 per barrel while the global benchmark Brent crude contract was climbing $0.40 to $68.72 per barrel. Henry Hub natural gas futures rose $0.02 to $2.96 per 1 million BTU.
In company news, TOP Ships (TOPS) was little changed 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, after taking delivery of the 157,000-ton Suezmax class vessel earlier Tuesday.
Natural Gas Services Group (NGS) climbed 1.1% after the compression services company selected Micah Foster to be its new chief financial officer.
To the downside, Montauk Renewables (MNTK) was down 5.5% in late trade, reversing a nearly 5% midday gain that followed the biogas recovery company announcing its purchase of privately held environmental technology and renewable energy company NR3. Financial terms were not disclosed.
Pioneer Natural Resources (PXD) dropped 6% 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.