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Sector Update: Energy Stocks Rally with Friday Gains by Crude Oil

MT Newswires ·  {{timeTz}}

02:00 PM EDT, 06/24/2022 (MT Newswires) -- Energy stocks were rebounding from two days of steep declines this afternoon, with the NYSE Energy Sector Index rising 2.1% while the SPDR Energy Select Sector ETF (XLE) was up 2.4%. The Philadelphia Oil-Service Sector index was posting a 4.7% advance and the Dow Jones US Utilities Index was adding 0.8%.

West Texas Intermediate crude oil was rising $2.40 to $106.67 per barrel while North Sea Brent crude also was advancing $2.18 to $112.23 per barrel. Henry Hub natural gas futures were $0.10 lower at $6.14 per 1 million BTU.

In company news, Epsilon Energy (EPSN) climbed 8.4% after the natural gas and oil producer late Thursday said CEO Mike Raleigh will step down on June 30 and will be succeeded by Jason Stabell, who was the chief executive at privately held Merlon International until its March 2019 acquisition by London-listed SOCO International. The company said Lane Bond will retire as chief financial officer at the end of the month and will be succeeded by Andrew Williamson, who was Merlon's former CFO.

Sempra Energy (SRE) gained 2.3% after the electricity and natural gas utility said the California Public Utilities Commission has approved its plan to build four energy-storage microgrids near San Diego and adding around 39 megawatts in storage capacity beginning next summer.

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