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Tuesday's Energy Stocks: Solar shares rally as oil stocks, prices retreat

Oil prices and oil stocks careened lower on Tuesday, Sept. 17, following reports that Saudi Arabia expects to recover most of its production capacity within only a few weeks following last weekend's attacks on production facilities.

Meanwhile, broader markets bounced back from previous day's retreat as investors await the U.S. Federal Reserve's decision on interest rates.

The Dow Jones Industrial Average was up 0.13% to 27,110.80, and the S&P 500 closed 0.26% higher to 3,005.70.

Among the biggest decliners in the oil and gas sector, Apache Corp. shed 8.54% to $26.02; Marathon Oil Corp. dropped 7.76% to $13.07; and Halliburton Co. retreated 6.49% to $21.03, all in brisk trading. Brent crude prices were down more than 6% in trading Tuesday.

Cheniere Energy Inc. saw a 0.08% increase on strong volume to close at $65.88, after reaching a deal with EOG Resources Inc. to market LNG made with its gas which will support the exporter's proposed midscale liquefaction expansion at its terminal near Corpus Christi, Texas. EOG Resources declined 5.16% in active trading to $81.22.

Equinor ASA shares finished 1.42% lower on heavy volume to $20.07. A consortium led by Equinor found gas in the Norwegian Sea's Marulk field, with estimated recoverable resources of between 50 million barrels of oil equivalent and 88 million boe.

The S&P 500 Energy Sector lost 1.52% to 455.54, while the Alerian MLP Index ticked up 0.06% to 240.47.

In contrast to oil, solar shares rallied on Tuesday, with SunPower Corp. jumping 12.06% in brisk trading to $14.50; Sunrun Inc. advancing 6.20% in active trading to $17.48; and Vivint Solar Inc. climbing 4.31% on slightly below-average volume to $7.99.

Among electric and diversified utilities, NextEra Energy Inc. gained 1.79% on average volume to $222.22; Alliant Energy Corp. rose 1.69% in light trading to $52.81; and WEC Energy Group Inc. picked up 1.63% to $92.80 in below-average trading, while TransAlta Corp. declined 2.06% to C$8.55 in light trading on the Toronto Stock Exchange, and CenterPoint Energy Inc. settled 1.42% lower on average volume to $29.91.

Ocean Power Technologies Inc. added 1.48% on more than 4x average trading volume to $2.06, after reporting a net loss of $3.0 million for the first quarter of fiscal 2020, compared to a net loss of $3.2 million in the first quarter of fiscal 2019.

The S&P 500 Utilities Sector closed up 0.89% to 320.21.

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