News

Energy stocks were easing late Wednesday afternoon, with the NYSE Energy Sector Index slipping 0.1% and the Energy Select Sector SPDR Fund (XLE) fractionally down.

The Philadelphia Oil Service Sector Index was down 0.3%, while the Dow Jones US Utilities Index gained 0.9%.

US crude stocks, including those in the Strategic Petroleum Reserve, fell by 5.6 million barrels in the week ended April 19 following a rise of 3.4 million barrels in the previous week. Excluding SPR inventories, commercial crude oil stocks fell by 6.4 million barrels after a 2.7-million-barrel gain in the previous week, compared with the 2-million-barrel rise expected in a Bloomberg survey.

Front-month West Texas Intermediate crude declined 0.5% to $82.95 a barrel, while global benchmark Brent shed 0.3% to $88.19 a barrel. Henry Hub natural-gas futures tumbled 9% to $1.65 per 1 million BTU.

In corporate news, TransAlta (TAC) shares gained 1.6% after it said Wednesday that its White Rock East and White Rock West wind facilities in Oklahoma began commercial electricity production.

CNX Resources (CNX) and Deep Well Services said Wednesday they have formed a joint venture to launch oilfield service company AutoSep Technologies. CNX Resources shares gained 0.8%.

Suncor Energy (SU) has raised doubts over the commencement date of the long-delayed Trans Mountain expansion project in a letter to the Canada Energy Regulator Tuesday. Suncor shares were fractionally up.

Entergy (ETR) reported Q1 adjusted earnings of $1.08 per diluted share, compared with $1.14 a year earlier. Analysts surveyed by Capital IQ expected $1.50. Its shares were falling 0.3%.

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