Energy Sector Update for 01/24/2023: CNX,SPI,HESM,HPK
Energy stocks trimmed a portion of their prior declines Tuesday afternoon, with the NYSE Energy Sector Index falling 0.5% and the Energy Select Sector SPDR Fund (XLE) slipping 0.4%.
The Philadelphia Oil Service Sector index was retreating 0.5% and the Dow Jones US Utilities Index was adding 0.5%.
West Texas Intermediate crude oil settled 1.8% lower at $80.13 per barrel, while North Sea Brent crude also was down 2.4% at $86.09 per barrel. Henry Hub natural gas futures fell 5.5% to $3.26 per 1 million BTU.
In company news, CNX Resources (CNX) was retreating over 3% late in Tuesday trading. The natural gas company announced a new partnership with ICE Thermal Harvesting on a pilot project to produce emission-free electricity using ICE's heat-to-power technology. The companies initially expect to capture and convert exhaust heat from a CNX compressor station in West Virginia to generate nearly 500 kilowatts of electric power for CNX.
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