News

Energy stocks retreated in late Wednesday afternoon trading, with the NYSE Energy Sector Index shedding 0.6% and the Energy Select Sector SPDR Fund (XLE) down 1.1%.

The Philadelphia Oil Service Sector index fell 0.9%, while the Dow Jones US Utilities index gained 1.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose 7.9 million barrels in the week ended April 26 following a decrease of 5.6 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose 7.3 million barrels after a decline of 6.4 million in the previous week, compared with a decrease of 2.5 million expected in a survey compiled by Bloomberg as of 7:30 am ET.

West Texas Intermediate crude fell 3.3% to $79.23 a barrel, while the global benchmark Brent crude contract dropped 3.2% to $83.58 a barrel. Henry Hub natural-gas futures fell 3% to $1.931 per 1 million BTU.

In corporate news, Shell (SHEL) exited its power business in China, including generation, trading and marketing, at the end of 2023 to focus on more profitable operations, according to media reports, citing a company spokesperson. Its shares dropped 0.7%.

PPL (PPL) reported Q1 adjusted earnings from ongoing operations Wednesday of $0.54 per diluted share, up from $0.48 a year earlier. Analysts polled by Capital IQ expected $0.50. PPL shares gained 2%.

The Federal Trade Commission is prepared to decide whether to sue to block Exxon Mobil's (XOM) $60 billion acquisition of Pioneer Natural Resources (PXD) in the coming days, Bloomberg reported Wednesday. Exxon shares fell 1.8%, and Pioneer shares declined 0.2%.

EnLink Midstream (ENLC) shares tumbled almost 6% after the company reported lower Q1 earnings and revenue.

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