TELL - Energy equities bounce as oil trade sideways and coal stocks take off

Energy equities (XLE) rallied more than 1.0% Wednesday, despite sideways trading in oil (USO). Natural gas (NG1:COM) rallied ~5% into the close, lifting gas-levered equities, as tensions in Europe lifted international gas prices. However, coal names continued to rally, following strong earnings and guidance from management teams earlier in the week.  Oil (CL1:COM) traded either side of flat Wednesday, as increased loadings from Russia ports offset strong oil product draws in the US. Canada's Cenovus (CVE) led oil-linked equities higher, after posting strong earnings and committing to robust shareholder returns. Hess (HES) also beat earnings estimates; however, transitory headwinds related to North Dakota blizzards saw shares trade in-line with the sector.  In Europe, Russian gas restrictions and threats of a natural gas export embargo from Algeria sent European natural gas prices up double digits, and Henry Hub prices up 5% (NG1:COM). Price action lifted US gas names like EQT (EQT) and

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Energy equities bounce, as oil trade sideways and coal stocks take off