Broader markets fell on Thursday, May 31, after the European Union said it would take the U.S. to the World Trade Organization to settle a row over steel and aluminum tariffs and vowed to retaliate with additional duties on American imports.
The Dow Jones Industrial Average dropped 1.02% to settle at 24,415.84, and the S&P 500 shed 0.69% to close the day at 2,705.27.
Among energy equities, the S&P 500 Utilities Sector ticked up 0.11% to 256.98, but the S&P 500 Energy Sector declined 0.83% to 558.35.
Public Service Enterprise Group Inc. unveiled a plan to raise investments in infrastructure to $14 billion to $17 billion over the next five years, with an expected annual growth of 8% to 10% in the company's rate base. Its stock closed the day 0.55% higher in brisk trading to end at $52.98.
A subsidiary of Alliant Energy Corp. is planning to construct a 150-MW wind farm in Kossuth County, Iowa, to supply customers in Wisconsin. Alliant Energy closed the day 0.05% down on strong volume to $41.42.
NextEra Energy Inc. gained 0.33% in robust trading to settle at $165.81. The Federal Energy Regulatory Commission approved a proposed lateral by subsidiary Florida Southeast Connection LLC that will deliver up to 400,000 Dth/d of natural gas from the Southeast Market Pipelines system to a Florida power plant.
Among oil and gas companies, Anadarko Petroleum Corp. shares slid 0.98% on slightly below-average volume to finish at $69.80, following a report that it is shutting down a natural gas gathering system in northern Colorado due to safety concerns. Anadarko will be closing the Third Creek gathering system primarily for safety, but according to a court filing, it is also approaching the end of its usable life.
EOG Resources Inc. shed 1.63% on light volume to finish at $117.81; Phillips 66 tumbled 2.26% on heavy volume to close at $116.49; and Halliburton Co. retreated 1.33% in below-average trading to settle at $49.74.
EQT Corp. is considering selling its noncore production and associated gathering and pipeline assets in the Huron shale play of West Virginia. Its shares rose 0.61% in active trading to close at $51.54.
July natural gas futures traded higher Thursday following the release of a storage report from the U.S. Energy Information Administration that outlined an injection that was below market expectations. The contract settled 6.7 cents higher at $2.952/MMBtu.
Market prices and index values are current as of the time of publication and are subject to change.
