Services stocks were still struggling to overcome demand concerns, while power producers held onto gains as traders played it safe in the holiday-shortened week.

Natural gas futures rose as the Energy Information Administration reported a decrease in natural gas supplies, compared with expectations of an increase. The EIA said natural gas in underground storage fell by 7 billion cubic feet in the week ended Nov. 17 to 3,826 Bcf.

TransAlta shares were flat, and BMO Capital Markets recommends clients accumulate the stock on its recent weakness. Analyst Ben Pham said the shares were trading at a substantial discount on free cash flow yield and enterprise value-to-Ebitda, despite the company's big renewable-power growth plans. CIBC's Mark Jarvi sees more downside ahead for the Canadian stock, saying TransAlta is entering a transitional phase as power prices ebb, which will likely lead to a decline in performance for the next couple of years.

A unit of Consolidated Edison plans to upgrade equipment throughout New York City and Westchester County to enhance system resilience and protect customers against severe weather events. Con Edison said it would invest about $903 million between 2025 and 2029 to make the upgrades. Con Edison shares edged lower.


Write to Zaeem Shoaib at zaeem.shoaib@wsj.com


(END) Dow Jones Newswires

11-22-23 1559ET