Energy Sector Update for 05/09/2024: BP, CEG, CWEN, ACDC

Energy stocks were advancing late Thursday afternoon, with the NYSE Energy Sector Index adding 1.2% and the Energy Select Sector SPDR Fund (XLE) each up 1.3%.

The Philadelphia Oil Service Sector index climbed 1.4%, and the Dow Jones US Utilities index gained 1.3%.

Front-month West Texas Intermediate crude oil was rising 0.7% to $79.51 a barrel, while global benchmark Brent was advancing 0.7% to $84.13 a barrel.

US natural gas stocks rose by 79 billion cubic feet in the week ended May 3, a smaller increase than the 87 billion gain expected in a survey compiled by Bloomberg as of 7:50 am ET and following an increase of 59 billion cubic feet in the previous week. Stocks at 2.563 trillion cubic feet are 21% higher than in the comparable week a year ago and 33.3% above their five-year average.

Henry Hub natural gas futures jumped 5.5% to $2.31 per 1 million BTU.

In corporate news, BP's (BP) electric vehicle charging unit is eager to buy supercharging sites across the US from Tesla, Bloomberg reported Thursday. BP plans to spend $1 billion by 2030 -- $500 million in the next two to three years -- to install more than 3,000 charging points across the country, the report said. BP shares were rising 1.3%.

Constellation Energy (CEG) Chief Executive Joseph Dominguez said in the company's Q1earnings callThursday that the uprates at its nuclear plants will eventually "add up to 1,000 megawatts or perhaps more of clean, firm power to the grid." Constellation reported Q1 adjusted operating earnings Thursday of $1.82 per diluted share, up from $0.78 a year earlier. Analysts polled by Capital IQ expected $1.29. Its shares rose 3.5%.

Clearway Energy (CWEN) reported a Q1 net loss Thursday of $0.02 per share, compared with breakeven earnings a year earlier. Two analysts polled by Capital IQ expected a loss of $0.19. Its shares surged 6%.

ProFrac (ACDC) shares jumped more than 16% after the company posted its Q1 results.

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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