Energy Sector Update for 01/19/2023: GEL, CHK, BSM
Energy stocks were rising Thursday afternoon, with the NYSE Energy Sector Index climbing 0.7% and the Energy Select Sector SPDR Fund (XLE) up 0.9%. The Philadelphia Oil Service Sector index was posting a 0.4% advance, but the Dow Jones US Utilities Index was slipping 0.9%.
West Texas Intermediate crude oil was rising 1.2% to $80.46 per barrel after the Energy Information Administration said US commercial inventories grew by 8.4 million barrels during the seven days ended Jan. 13, adding to a 19-million-barrel increase the previous week while market expectations had been looking for a drop of 3 million barrels last week.
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