Energy Sector Update for 11/30/2023: BNRG, OXY, PCG

Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index adding 0.2% and the Energy Select Sector SPDR Fund (XLE) up 0.4%.

The Philadelphia Oil Service Sector Index was adding 0.1%, and the Dow Jones US Utilities Index was advancing 0.3%.

Front-month West Texas Intermediate crude was declining 1.1% to $77 a barrel, while global benchmark Brent crude contract was down 0.1% to $83.02 a barrel.

US natural gas stocks rose by 10 billion cubic feet in the week ended Nov. 24, compared with the 8 billion-cubic-foot decrease expected in a survey compiled by Bloomberg, and following a decrease of 7 billion cubic feet in the previous week.

Henry Hub natural gas futures were down 0.07% at $2.80 per 1 million BTU.

In corporate news, Brenmiller Energy (BNRG) shares slumped 4.8% after it said Thursday it will implement a 1-for-10 reverse stock split after the market close on Friday.

Occidental Petroleum (OXY) is in talks to buy oil and gas producer CrownRock, The Wall Street Journal reported. Occidental shares were shedding 1.5%.

PG&E (PCG) fell 0.8% after it said late Wednesday it priced an upsized offering of $1.9 billion of 4.25% convertible notes due 2027.

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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