Economy

Energy Sector News Update on January 9th, 2024: Latest on SR, PTEN, ES

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Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index falling 1.4% and the Energy Select Sector SPDR Fund (XLE) dropping 1.5%.

The Philadelphia Oil Service Sector index was posting a 2.6% drop, and the Dow Jones US Utilities index was down 0.7%.

The Energy Information Administration said it expects US oil output to average a record 13.2 million barrels per day this year, rising to 13.4 million barrels in 2025.

Front-month West Texas Intermediate crude was rising 2% to $72.19 a barrel, while global benchmark Brent was advancing 1.9% to $77.95 a barrel. Henry Hub natural gas futures soared 8.8% to $3.24 per 1 million BTU.

In corporate news, Spire (SR) said Tuesday it appointed Scott Doyle as chief operating officer. Its shares were falling 1.7%.

Patterson-UTI Energy (PTEN) said it had an average of 119 drilling rigs operating in the US in December. In November, the company reported an average of 118 operational drilling rigs in the country. Its shares were falling 2.3%.

Eversource Energy (ES) tumbled 7.3% after saying it expects to record a Q4 after-tax other-than-temporary impairment charge between $1.4 billion and $1.6 billion, reflecting its current estimate of the fair value of its three offshore wind projects.

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