trending Market Intelligence /marketintelligence/en/news-insights/trending/a41gluvnm-h-hyfyuqymtg2 content esgSubNav
In This List

Friday's Energy Stocks: Oil prices drag energy sector, broader markets

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Friday's Energy Stocks: Oil prices drag energy sector, broader markets

Oil prices weighed down the energy sector and broader markets on Friday, May 25. The Dow Jones Industrial Average closed down 0.24% to 24,753.09, while the S&P 500 scaled back 0.24% to 2,721.33.

Oil prices fell sharply amid reports that energy officials of major petroleum-producing nations were considering boosting supplies this year. Brent crude slid 2.98% to $76.44 per barrel, while U.S. West Texas Intermediate crude dropped 4.00% to $67.88.

Among oil and gas majors, Hess Corp. shed 5.19% to $59.16; Chevron Corp. retreated 3.49% to $122.19; and ConocoPhillips declined 4.35% to $65.47, all on heavy volume. The S&P 500 Energy Index slumped 2.61% to 547.77.

Most master limited partnerships also closed the trading day with losses, with Williams Partners LP settling 1.09% lower to $39.91; EQT Midstream Partners LP finishing 1.26% down to $55.74; and Shell Midstream Partners LP closing 1.17% lower to $22.73, all on lower-than-average volume. The Alerian MLP Index receded 0.47% to 262.04.

In the electric power sector, Great Plains Energy Inc. saw an increase of 2.62% to close the day at $33.64, and Westar Energy Inc. gained 2.88% to end at $56.15, both in brisk trading, after their proposed $15 billion "merger of equals" secured approval from both Kansas and Missouri regulators. Upon closing in early June, the company will be known as Evergy Inc.

El Paso Electric Co. shares increased 0.61% on about average volume to finish at $58.05, after raising its quarterly cash dividend to 36 cents per common share from 33.50 cents per share.

Among other utility stocks, NRG Energy Inc. shed 1.31% on below-average volume to close at $33.98, while PG&E Corp. rose 1.89% in weak trading to $44.66, and American Water Works Co. Inc. gained 1.15% in brisk trading to $82.99. The S&P 500 Utilities Index climbed 0.42% to 254.63.

Ahead of options expiration at the close of business Friday, May 25, June crude oil futures moved on both sides of the ledger in search of definitive direction amid a variety of driving factors. The contract settled 0.1 cent lower at $2.939/MMBtu while trading a range from $2.912/MMBtu to $2.964/MMBtu.

Market prices and index values are current as of the time of publication and are subject to change.