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Sector Update: Energy Stocks Losing More Ground After Bearish Inventory Report

MT Newswires ·  {{timeTz}}

01:19 PM EDT, 08/03/2022 (MT Newswires) -- Energy stocks were lower this afternoon, with the NYSE Energy Sector Index falling 1.8% and the SPDR Energy Select Sector ETF (XLE) down 2.6%.

The Philadelphia Oil-Service Sector index was posting a 2.9% retreat but the Dow Jones US Utilities Index was adding 0.1%.

West Texas Intermediate crude oil was sinking $3.00 to $91.42 per barrel after the Energy Information Administration said US commercial inventories grew by 4.5 million barrels during the seven days ended July 29 compared with market forecasts looking for a 1.5-million-barrel decrease last week.

North Sea Brent crude also was sliding $2.90 to $97.64 per barrel. Henry Hub natural gas futures were $0.05 lower at $7.66 per 1 million BTU.

In company news, Archrock (AROC) slid 3.6% after the natural gas compression and after-market services company reported Q2 net income of $0.11 per share, nearly doubling its $0.06 per share profit during the same quarter in 2021 but still lagging the single-analyst estimate expecting a Q2 profit of $0.12 per share.

Berry (BRY) was falling 0.9% this afternoon, giving back a nearly 3% advance earlier Wednesday that followed the upstream energy company reporting a 155% increase in Q2 revenue over year-ago levels, rising to $253.1 million and exceeding the $209.1 million analyst mean. Excluding one-time items, it earned $0.64 per share, reversing a $0.08 a year adjusted net loss during the same quarter last year but trailing the Capital IQ consensus looking for a $0.66 per share non-GAAP profit.

Enterprise Products Partners (EPD) slid 1.1%. The pipeline company reported Q2 net income of $0.64 per unit, up from $0.50 per share during the same quarter last year and exceeding the Capital IQ consensus forecast by $0.01 per share. Net sales increased 70% year-over-year to $16.06 billion, also topping the $11.96 billion Street view.

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