Industry update: Energy stocks tumble amid falling crude oil prices

Energy stocks reduced a small portion of their previous declines this afternoon, as the NYSE Energy Sector Index fell 1.4% while the SPDR Energy Select Sector ETF (XLE) was down 1.8%. The Philadelphia Oil-Service Sector index was down 2.2% at the end of the session and the Dow Jones US Utilities index slipped 0.2%.

West Texas Intermediate crude was down $ 2.63 to $ 68.23 per barrel as the January contract expires, while Brent crude was also down $ 1.67 this afternoon to 71.85. $ per barrel. Henry Hub natural gas futures rose from $ 0.14 to $ 3.83 per million BTUs.

In company news, TotalEnergies SE (TTE) was down 0.7% shortly before Monday’s closing bell, rebounding from an early morning retreat of nearly 2%, after announcing it would develop a series of photovoltaic and energy storage projects in New Caledonia from next year until 2025..

Imperial Oil (IMO) was down 0.5% late in the session after RBC Capital Markets on Monday reiterated its outperformance rating for the Canadian energy company.

Helmerich & Payne (HP) fell 2.9% on Monday. The energy services company said it has signed a framework agreement to help streamline the operations of private company ADNOC Drilling, thereby strengthening the strategic alliance between the companies.

Bloom Energy (BE) fell 7.8% after the company said it was selected by an Indian energy conglomerate to supply electrolyzer and hydrogen fuel cell technologies for the first deployment of green energy storage hydrogen-based from the country. Financial terms were not disclosed.

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Felix J. Dixon