News

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.5% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector Index was posting a 0.5% decline, while the Dow Jones US Utilities Index added 0.2%.

Front-month West Texas Intermediate crude oil was rising 0.6% to $79.11 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $83.12 a barrel.

US natural gas stocks rose by 70 billion cubic feet in the week ended May 10, a smaller gain than the 77 billion increase expected in a Bloomberg survey and following an increase of 79 billion cubic feet in the previous week. Stocks at 2.633 trillion cubic feet are 19% higher than in the comparable week a year ago and 30.8% above their 5-year average.

Henry Hub natural gas futures spiked 3% to $2.49 per 1 million BTU.

In corporate news, Crescent Energy (CRGY) and SilverBow Resources (SBOW) struck a deal for Crescent to buy SilverBow for $2.1 billion. SilverBow shares surged almost 12% and Crescent was falling 7.4%.

Chevron (CVX) confirmed that it plans to sell its remaining UK North Sea oil and gas assets. Chevron shares were down 0.2%.

The US is looking to give oil licenses to some companies operating in Venezuela, prioritizing them over those seeking to enter the country for the first time, Reuters reported. The plan might support firms like Eni (E) that have projects frozen because of US sanctions and enable them to expand operations and recover debt, the report said. Eni shares were down 1.2%.

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