Industry update: Energy stocks weaken as crude oil prolongs decline

Energy stocks slashed gains early Tuesday afternoon as the market as a whole collapsed, with the NYSE Energy Sector index falling 0.1% while the Energy Select Sector SPDR ETF (XLE) was still in 0.3% increase. The Philadelphia Oil Services Industry Index fell 0.3% and the Dow Jones US Utilities Index fell 0.7%.

West Texas Intermediate crude oil fell $ 1.34 to $ 69.95 a barrel, while the global benchmark Brent fell from $ 1.40 to $ 72.99. Henry Hub natural gas futures were $ 0.06 to $ 3.73 per million BTUs lower.

In company news, Chevron (CVX) rose 0.7% after signing a memorandum of understanding with Caterpillar’s Progress Rail subsidiary (CAT) and Berkshire Hathaway’s BNSF (BRK. A, BRK.B) to test the Progress Rail hydrogen fuel cell locomotive. prototype. Chevron is developing the hydrogen refueling infrastructure for the project, which will be demonstrated on BNSF lines pending the terms of a final agreement.

Alto Ingredients (ALTO) fell 1.2%, reversing a morning gain of nearly 3%, after announcing it had restarted its ethanol plant in Magic Valley, Idaho, as planned last month. The facility is also being equipped to turn ethanol by-products into more than 33,000 tonnes of high-protein feed for livestock, poultry and pigs, Alto said.

Shares of Navios Maritime Holdings (NM) fell 21% after the tanker operator and dry bulk shipper said it secured nearly $ 550 million in new debt financing, including $ 287 million in debt. commercial bank loan and sale-leaseback facilities as well as $ 262.6 million in payments. – loans in kind. The proceeds, along with available cash, will be used to repay the company’s 7.375% senior mortgage notes maturing on January 15 and to redeem $ 50 million of 11.25% senior secured notes due on January 15. expiring in August.

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