News

Energy stocks were edging higher late Thursday afternoon, with the NYSE Energy Sector Index adding 0.2% and the Energy Select Sector SPDR Fund (XLE) fractionally higher.

The Philadelphia Oil Service Sector index was shedding 0.2% and the Dow Jones US Utilities index dropped 2.2%.

Front-month West Texas Intermediate crude oil was rising 1% to $72.05 a barrel while the global benchmark Brent crude contract was advancing 0.9% to $77.46 a barrel.

US natural gas stocks fell by 140 billion cubic feet in the week ended Jan. 5, a larger decline than the 122 billion cubic foot decrease expected in a survey compiled by Bloomberg.

Henry Hub natural gas futures jumped 1.8% to $3.09 per 1 million BTU.

In corporate news, Sunoco (SUN) shares were rising almost 2% after saying it would sell 204 convenience stores to 7-Eleven for $1 billion. Sunoco also said it plans to buy liquid fuel terminals in Ireland and The Netherlands from Zenith Energy for a not-yet-disclosed price.

Chesapeake Energy (CHK) shares gained 2.5% after the company signed an all-stock merger agreement worth $7.4 billion with Southwestern Energy (SWN). Southwestern shed 2.8%.

Clean Energy Fuels (CLNE) said Thursday it completed a renewable natural gas facility in early December with an expected annual supply of 1.66 million gallons at full capacity. Its shares were falling 1.2%.

Exxon Mobil (XOM) is discussing oil and gas exploration opportunities with Algeria's state-owned energy company Sonatrach, with a deal possible as soon as this week, media outlets reported. Exxon was fractionally higher.

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