Energy stocks were mixed late Monday afternoon with the NYSE Energy Sector Index rising 0.1% and the Energy Select Sector SPDR Fund (XLE) shedding 0.5%.
The Philadelphia Oil Service Sector index fell 0.4%, while the Dow Jones US Utilities index dropped 1.1%.
West Texas Intermediate crude oil declined 0.7% to $73.48 a barrel, while global benchmark Brent eased 0.4% to $76.24 a barrel. Henry Hub natural gas futures jumped 10% to $3.70 per 1 million BTU.
In sector news, President Joe Biden restricted new offshore oil and gas drilling off the US East and West Coasts, the eastern Gulf of Mexico and parts of the Northern Bering Sea in Alaska.
In corporate news, Enbridge (ENB) said the Fox Squirrel solar project in central Ohio, developed and owned in partnership with EDF Renewables North America, achieved full operational status last month. Enbridge shares eased 0.2%.
Diversified Energy (DEC) shares fell 3.1% after the company agreed to acquire natural gas properties and facilities in Virginia, West Virginia, and Alabama from Summit Natural Resources for $45 million.
SolarEdge (SEDG) shares jumped 8.8%. The company signed safe harbor agreements with several residential solar installation and financing companies in the US in addition to announcing its second sale of tax credits.
Patterson-UTI Energy (PTEN) had an average of 104 drilling rigs operating in the US in December and 105 in the quarter ended Dec. 31. The shares rose 0.1%.
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