Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks experienced a decline late Thursday, with the NYSE Energy Sector Index down 0.9% and the State Street Energy Select Sector SPDR ETF falling 0.8%. Crude oil prices dropped significantly, with West Texas Intermediate down 4.8% to $59.05 per barrel. In corporate news, Equinor received a preliminary injunction for its Empire Wind project, Coterra Energy is in merger talks with Devon Energy, Talen Energy is acquiring natural gas assets for $3.45 billion, and Clearway Energy secured new power supply agreements with Google, boosting its shares by 7%.