Sector Update: Energy Stocks Following Rising Commodity Prices

Energy stocks were up sharply this afternoon, with the NYSE Energy Sector Index up 3.0% while the SPDR Energy Select Sector ETF (XLE) was up 3.3%. The Philadelphia Oil-Service Sector Index was up 4.6% and the Dow Jones US Utilities Index was up 0.9%.

West Texas Intermediate crude rose $1.29 to $95.99 a barrel, while North Sea Brent crude also rose $1.09 to $104.29 a barrel. Henry Hub natural gas futures rose $0.38 to $8.68 per 1 million BTU.

In company news, Infrastructure and Energy Alternatives (IEA) soared nearly 32% after energy services accepted a $1.1 billion takeover offer from MasTec (MTZ), which will pay $14 for each IEA share, or $10.50 per share in cash and 0.0483 of a MasTec share. MasTec was trading down 5.9% this afternoon.

Sasol (SSL) gained 3.1% after the South African refining and petrochemicals company reported a 22% increase in FY22 sales from year-ago levels to 10, $55 billion.

First Solar (FSLR) rose 1.9% after the solar energy equipment company announced on Monday that it would supply up to 500 megawatts of thin-film photovoltaic modules to French renewable energy company Akuo , starting with 200 megawatts of modules for an American project that should be launched. in 2024. The remaining orders are expected to be delivered in 2025 and 2026, the company said.

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