Sector Update: Energy Stocks Edge Higher Premarket Wednesday

MT Newswires Live11-20 22:24

Energy stocks rose premarket Wednesday with the Energy Select Sector SPDR Fund (XLE) 0.4% higher recently.

The United States Oil Fund (USO) was up 0.6% and the United States Natural Gas Fund (UNG) was 4.1% higher.

Front-month US West Texas Intermediate crude oil was 1.1% higher at $70.15 per barrel on the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.8% to $73.88 per barrel, and natural gas futures were up 4.1% at $3.12 per 1 million British Thermal Units.

Exxon Mobil (XOM) and South Korea's LG Chem said they have signed a non-binding memorandum of understanding for a multi-year offtake agreement for up to 100,000 metric tons of lithium carbonate. Exxon Mobil shares were up 0.3% premarket.

BP (BP) has postponed the restart of a 435,000 barrel-per-day crude distillation facility and a coker in northwest Indiana, Reuters reported citing industry sources. BP shares were 0.2% lower pre-bell.

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