Sector Update: Energy Stocks Rise Late Afternoon
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Energy stocks rose late Tuesday, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) up 0.9%. The Philadelphia Oil Service Sector Index climbed 1.2%. Crude oil prices eased slightly, with WTI at $57.97 and Brent at $61.92. The Caspian Pipeline Consortium suspended oil exports due to weather. California Water Service Group received rate adjustment authorization, while Duke Energy applied for a site permit for a nuclear project. New Era Energy denied fraud allegations but saw shares drop 12%.
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