Sector Update: Energy Stocks Retreat in Afternoon Trading
MT newswire2026/10/07 17:5401:54 PM EDT, 10/07/2026 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index down 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%. The Philadelphia Oil Service Sector Index was falling 2.3%, and the Dow Jones US Utilities Index was fractionally higher. Front-month West Texas Intermediate crude oil shed 1.5% to $88.13 a barrel, and the global benchmark Brent crude contract fell 0.8% to $99.83 a barrel. Henry Hub natural gas futures rose 2.9% to $3.20 per 1 million BTU. In sector news, Kalshi has filed a proposal with the Commodity Futures Trading Commission or CFTC for perpetual futures contract linked with the West Texas Intermediate benchmark, Bloomberg reported. The CFTC has 45 days to decide on the proposal, the report said. In corporate news, Hess Midstream (HESM) shares tumbled 14% after Chevron (CVX) said late Tuesday it will divest its ownership interests and general partner position in Hess, along with its DJ Basin crude oil midstream assets, in exchange for extended and improved Bakken midstream commercial terms and $200 million in cash. Chevron shares were down 1.3%. Equinor (EQNR) has updated the cost estimate for the Snohvit Future project in Norway to 26.5 billion Norwegian kroner ($2.78 billion) in 2026 value, up from just over 20 billion kroner in 2025 value, the company said Wednesday. Its shares were falling 3.2%. Black Hills (BKH) shares surged past 8%. The company said Tuesday it signed agreements to provide energy service to Alphabet's (GOOGL) Google's planned data center in Cheyenne, Wyoming, and plans to invest $1.8 billion in new natural gas generation. A BKV (BKV) subsidiary signed a contract for the supply of natural gas-fired power generation equipment that will be used at BKV's prospective power generation project in Texas, according to a statement. BKV shares jumped 7%.
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