Energy stocks, including Exxon Mobil, decline in afternoon trading as oil prices fall slightly.

From Nasdaq: 2024-06-25 13:49:13

Energy stocks were lower on Tuesday afternoon, with the NYSE Energy Sector Index down 0.4% and the Energy Select Sector SPDR Fund (XLE) decreasing by 0.2%. The Philadelphia Oil Service Sector index was also shedding 0.2%, and the Dow Jones US Utilities index fell by 1%.

In the commodity market, front-month West Texas Intermediate crude oil was down by 0.8% to $80.99 a barrel, while Brent crude contracted by 1% to $85.19 a barrel. Henry Hub natural gas futures were 1.6% lower at $2.77 per 1 million BTU.

Exxon Mobil filed an application with the government of Guyana for potentially its seventh oil project in the country and signed a memorandum of understanding with EV battery developer SK On. Clean Energy Fuels opened a new renewable natural gas station in New Jersey. Hess Midstream repurchased 2.7 million class B units. Exxon, Clean Energy Fuels, and Hess Midstream shares were affected by these developments.



Read more at Nasdaq: Sector Update: Energy Stocks Decline in Tuesday Afternoon Trading