Sector Update: Energy Stocks Decline Late Afternoon

03:43 PM EDT, 03/28/2025 (MT Newswires) -- Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both shedding 0.6%

The Philadelphia Oil Service Sector Index dropped 2.3%, while the Dow Jones US Utilities Index added 1.3%.

West Texas Intermediate crude oil declined 1% to $69.24 a barrel, and global benchmark Brent shed 1% to $72.63 a barrel. Henry Hub natural gas futures climbed 3.6% to $4.07 per 1 million BTU.

In corporate news, EQT (EQT) is expected to report a strong operational quarter with cash flow per share and production likely exceeding Wall Street estimates, UBS Securities said. EQT shares rose 1%.

Rio Tinto (RIO) has held talks with the Democratic Republic of Congo about developing the Roche Dure lithium deposit, which is one of the largest in the world, Bloomberg reported. Rio shares fell 2.1%.

Phillips 66 (PSX) board member Bob Pease, who was appointed with Elliott Investment Management's support, issued a letter to shareholders in which he criticized the activist investor for wanting him off the board now. Phillips 66 shares fell 2.5%.

Elliott Investment Management has a short position in Shell (SHEL), amounting to 0.5% of the oil giant, a Financial Conduct Authority filing Thursday showed. The Shell short position is part of Elliott's global hedging program, a source familiar with the situation told MT Newswires on Friday. Shell declined 0.5%.

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