Energy Sector Update for 03/07/2024: YPF, AGR, XEL, KGS

Energy stocks rose late Thursday afternoon with the NYSE Energy Sector Index up 0.7% and the Energy Select Sector SPDR Fund (XLE) adding 0.8%.

The Philadelphia Oil Service Sector index jumped 1.7%, and the Dow Jones US Utilities index advanced 0.5%.

West Texas Intermediate crude oil fell 0.4% to $78.83 a barrel while the global benchmark Brent crude contract shed 0.2% to $82.78 a barrel.

US natural gas stocks fell by 40 billion cubic feet in the week ended March 1, a larger drop than the 36 billion decrease expected in a survey compiled by Bloomberg as of 7:40 am ET and following a decrease of 96 billion cubic feet in the previous week.

Henry Hub natural gas futures tumbled 6.8% to $1.80 per 1 million BTU.

In corporate news, YPF (YPF) shares slumped 1.8% after the company posted a Q4 loss compared with a profit a year earlier, while revenue dropped.

Avangrid (AGR) shares jumped 13% after the company said it got a nonbinding offer of $34.25 a share to take the company private from its controlling company, Spain's Iberdrola.

Xcel Energy (XEL) said its facilities were involved in an "ignition" of the Smokehouse Creek fire in Texas. The company denied its facilities caused the ignition of the Windy Deuce fire near Fritch, Texas. The stock rose 3.3%.

Kodiak Gas Services (KGS) declined 6.1% after the company reported an unexpected Q4 loss.

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


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