Energy stocks swerved this afternoon, with the NYSE Energy Sector Index down 0.5% and the SPDR Energy Select Sector ETF (XLE) down 0.7%.
The Philadelphia Oil-Service Sector Index fell 0.8% and the Dow Jones US Utilities Index slipped 0.6%.
West Texas Intermediate crude oil rose $0.22 to $112.43 a barrel, while North Sea Brent crude slid $0.54 to $111.50 a barrel. Henry Hub natural gas futures were $0.29 lower at $8.02 per million BTU.
In company news, Centennial Resource Development (CDEV) fell 7.2% after BMO Capital cut its price target for the oil and natural gas producer from $1 to $8 per share and reiterated its market performance rating for the stock on Friday, a day after Centennial announced its $3.9 billion purchase of privately held Colgate Energy Partners.
NRG Energy (NRG) fell 2.2% after the electricity trader announced on Friday the sale of a portfolio of 15 megawatt microgrids to commercial and industrial customers in New England and the organization of regional transmission PMJ Interconnection to a subsidiary of private companies E2. Financial terms of the transaction were not disclosed.
MPLX (MPLX) climbed almost 1% after energy infrastructure company and partner companies EnLink Midstream (ENLC), Devon Energy (DVN) and private company WhiteWater said overnight that they would moving forward with construction of the Matterhorn Express pipeline between the Permian Basin in West Texas and refineries near Houston after securing sufficient commitments from shippers. The new pipeline will transport up to 2.5 billion cubic feet of natural gas per day after it enters service in mid-2024, subject to regulatory and other approvals. Shares of Devon were down 0.9% while Enlinc Midstream fell 1.1% this afternoon.