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Thursday's Energy Stocks: Markets retreat as EU vows to retaliate to US tariffs

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.