News

Energy stocks fell late Monday afternoon with the NYSE Energy Sector Index down 1.1% and the Energy Select Sector SPDR Fund (XLE) off 0.9%.

The Philadelphia Oil Service Sector index declined 1.3%, and the Dow Jones US Utilities index dropped 0.8%.

West Texas Intermediate crude oil was little changed at $85.69 a barrel, while global benchmark Brent decreased 0.2% to $90.23 a barrel. Henry Hub natural-gas futures tumbled 4.4% to $1.693 per 1 million BTU.

In corporate news, FirstEnergy (FE) shares fell 0.5%. The company said its Ohio electric utilities reached a settlement on their second grid modernization plan to expand the deployment of smart meters to an additional 1.4 million customers.

Eni (E) is looking to sell stakes of up to 10% in its biofuel unit Enilive and up to 30% in bioplastic business Novamont by the end of 2024, Reuters reported Monday. Eni shares dropped 1.1%.

EQT (EQT) agreed to sell an undivided 40% interest in its non-operated natural gas assets in northeast Pennsylvania to Equinor's (EQNR) Equinor USA Onshore Properties unit and its affiliates. The transaction consideration is $500 million in cash and upstream and midstream assets, EQT said. EQT shares fell 1.8%, and Equinor dropped 1.4%.

BP's (BP) BP Pulse electric vehicle charging business has cut more than 100 jobs in recent months, or over 10% of its global workforce of 900, Reuters reported, citing unnamed company sources. A BP spokesperson told MT Newswires the company plans to deploy "thousands" of charging points by next year and anticipates further expansion by 2030. BP shed 1%.

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