Mixed movements in energy stocks, oil stable, natural gas price increase, some companies making deals

From Nasdaq: 2024-09-20 15:50:53

Energy stocks saw mixed movements on Friday afternoon, with the NYSE Energy Sector Index and Energy Select Sector SPDR Fund both experiencing slight declines. Meanwhile, the Philadelphia Oil Service Sector index and Dow Jones US Utilities index rose.

Oil prices were relatively stable, with West Texas Intermediate crude oil at $71.92 a barrel and Brent crude at $74.72 a barrel. Natural gas futures saw a significant increase to $2.45 per 1 million BTU.

Battalion Oil shares surged by nearly 123% after announcing an acquisition deal with Fury Resources. Equinor decided against a hydrogen export project to Germany, while Constellation Energy struck a deal with Microsoft to power data centers with carbon-free energy.

Chevron expressed disinterest in investing in US LNG plant construction, preferring to sell US gas instead. Despite this, Chevron shares were posting a 0.6% increase.



Read more at Nasdaq: Sector Update: Energy Stocks Softer Late Afternoon