Energy Sector Update for 12/13/2023: ENPH, ARIS, EOSE

Energy stocks edged lower Wednesday afternoon with the NYSE Energy Sector Index down 0.1% and the Energy Select Sector SPDR Fund (XLE) falling 0.2%.

The Philadelphia Oil Service Sector index dropped 0.3%, and the Dow Jones US Utilities index rose 1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, declined 4.3 million barrels in the week ended Dec. 8 following a matching decrease of 4.3 million barrels in the previous week.

West Texas Intermediate crude oil rose 0.8% to $69.16 a barrel, while the global benchmark Brent crude contract advanced 0.9% to $73.87 a barrel.

Henry Hub natural gas futures rose 1.9% to $2.354 per 1 million BTU.

In corporate news, Enphase Energy (ENPH) said Wednesday it's expanding support for virtual power plants via grid-services programs in the US, backed by its new IQ batteries. The shares fell 2%.

Eos Energy Enterprises (EOSE) jumped 16%, a day after saying it signed a memorandum of understanding with renewable energy company Pine Gate to expand their partnership in energy storage installations.

Aris Water Solutions (ARIS) shares rose 1.8% after the company was initiated at buy by Seaport with a $15 price target.

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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