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Wednesday's Energy Stocks: NGL up 6%; Wall Street waits for Fed details

Wall Street trended downward on Wednesday, Nov. 22, partly as investors awaited minutes of the Federal Reserve's November policy meeting and overall preholiday session slowness. Energy stocks closed on a mixed trend.

The Dow Jones Industrial Average finished 0.27% down at 23,526.18 and the S&P 500 ended the session 0.08% down to 2,597.08. The SNL Energy Index advanced 0.28% to close at 287.96.

The midstream sector had a profitable day overall, with big companies like NGL Energy Partners LP, SemGroup Corp., Targa Resources Corp., Southwestern Energy Co., Williams Cos. Inc. and QEP Resources Inc. adding value to equity.

NGL Energy shares hiked 6.01% to close the day at $12.35 on slow volume. Targa Resources stock advanced 2.49% to $43.28 at the end of the session on thin volume. Southwestern Energy share price edged 2.42% up to $6.34 at market close on below-average volume. SemGroup shares added 2.20% to finish the day at $23.20 on high volume, and Williams Cos. saw a 1.87% hike in share price to $27.75 on active volume.

QEP Resources posted a 4.57% increase in its share price, closing at $9.38 on slow volume after closing its $500 million offering of 5.625% senior notes due March 1, 2026.
The SNL Midstream Energy Index rose 0.86% to 102.94.

On a slow day, the independent power producer sector notched a winning session, with the SNL Merchant Generator Index gaining 1.06% to close at 103.74, buoyed by the likes of TerraForm Power Inc., SunPower Corp. and Ormat Technologies Inc. in the renewables sector.

TerraForm Power shares added 3.06% in value per unit to finish the day at $12.81; SunPower added 1.52% to close at $8.03, and Ormat Technologies stock increased 0.94% per share to close at $63.39, all on light volumes. NRG Yield Inc. shares hiked 1.57% to finish the session at $19.36.

In the electric utilities business, Portland General Electric Co. share lost 1.18% to finish the day at $48.47 and PNM Resources Inc. stock decreased 1.33% in value to finish light trading at $44.45.

The SNL Electric Company Index retreated 0.39% to close at 505.67.

The coal business was profitable as well on Nov. 22, with the SNL Coal Index growing 0.34% to close at 65.77. Large coal extractors Warrior Met Coal Inc., Consol Energy Inc. and Peabody Energy Corp. all had a profitable session.

Warrior Met Coal stock climbed 3.53% to close the day at $29.90 and Peabody Energy shares finished the day growing 0.47% to $32.11, both on high volumes. CONSOL Energy units inched 0.98% up to close at $16.43 on light volume.

NYMEX December natural gas futures were lower, pressured by weather outlooks that imply lackluster heating demand at the onset of the peak winter heating season. Ahead of the Thanksgiving holiday break, options expiration on Nov. 27 and the contract's roll off the board on Nov. 28, December futures traded a range from $2.958/MMBtu to $3.027/MMBtu and settled 4.9 cents lower on the session at $2.968/MMBtu.

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