Energy Sector Update for 01/19/2023: KMI,GEL,CHK,BSM

Energy stocks extended their Thursday gains this afternoon, with the NYSE Energy Sector Index climbing 1.3% and the Energy Select Sector SPDR Fund (XLE) up 1.5%. The Philadelphia Oil Service Sector index was posting a 0.7% advance, but the Dow Jones US Utilities Index was slipping 0.8%.

West Texas Intermediate crude oil rose 1.1% to $80.33 per barrel even after Energy Information Administration said US commercial inventories increased, surprising analysts expecting a drop.

Natural gas futures fell as data showed weekly supplies rose after analysts forecast a drop.

Kinder Morgan (KMI)Kinder Morgan (KMI) gained 2.1% after the natural gas processing and transportation firm reported non-GAAP net income of $0.31 per share in Q4, up from a $0.27 per share adjusted profit a year earlier and beating the Capital IQ consensus call by $0.01 per share. It boosted stock buyback program to $3 billion in addition and said President Kim Dang will become chief executive officer on Aug. 1, succeeding Steve Kean.