Energy Sector Update for 05/22/2024: SBOW, CRGY, LPG, PBR

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 1.4% and the Energy Select Sector SPDR Fund (XLE) down 1.6%.

The Philadelphia Oil Service Sector index was posting a 2.7% drop, and the Dow Jones US Utilities index was shedding 0.5%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.8 million barrels in the week ended May 17 following a decrease of 1.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.8 million barrels after a 2.5-million-barrel drop in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg as of 7:50 am ET.

Front-month West Texas Intermediate crude oil was declining 1.1% to $77.80 a barrel while the global benchmark Brent crude contract was decreasing 1% to $82.05 a barrel. Henry Hub natural gas futures jumped 4.6% to $2.79 per 1 million BTU.

In corporate news, alternative asset manager Kimmeridge has withdrawn its independent nominees to the board of SilverBow Resources (SBOW) in light of the oil and gas company's pending sale to Crescent Energy (CRGY), according to a press release Wednesday. SilverBow shares were declining 1.3% and Crescent shares were falling 1.9%.

Petrobras (PBR) said its appeal of a tax assessment of about 987 million reais ($192.7 million) on the sale of oil derivatives has been dismissed by a Brazilian court. Its shares fell 0.4%.

Dorian LPG (LPG) reported fiscal Q4 adjusted earnings of $1.91 per diluted share, down from $1.94 a year earlier. Its shares were slightly higher.

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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