Energy Sector Update for 06/03/2024: PUMP, SHEL, D, ENB

Energy stocks were in the red Monday afternoon, with the NYSE Energy Sector Index falling 2.7% and the Energy Select Sector SPDR Fund (XLE) dropping 3.1%.

The Philadelphia Oil Service Sector index tumbled 5.6%, and the Dow Jones US Utilities index was decreasing 1.5%.

Front-month West Texas Intermediate crude was dropping 3.7% to $74.16 a barrel, while global benchmark Brent was falling 3.4% to $78.33 per barrel. Henry Hub natural-gas futures jumped 3.8% to $2.69 per 1 million BTU.

In corporate news, ProPetro (PUMP) said Monday it has acquired wet sand services provider Aqua Prop in an all-cash deal initially valued at $35.6 million. ProPetro shares were down about 5%.

Shell (SHEL) has been rebuffed by an appeals court in South Africa in its bid to overturn a 2021 decision blocking the company's plans to explore for oil offshore in the country's Wild Coast region, Bloomberg reported Monday, citing a summary of Monday's ruling it obtained. Shell shares were decreasing 2.4%.

Dominion Energy (D) said Monday it completed the sale of its Questar Gas natural-gas utility and its Wexpro cost-of-service gas supply company to Enbridge (ENB) for about $4.3 billion, including assumed debt. Dominion shares were down 0.6%, and Enbridge was shedding 0.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.