Sector Update: Energy Stocks Lean Lower Pre-Bell Friday

MT Newswires Live2024-11-22

Energy stocks were leaning lower pre-bell Friday as the Energy Select Sector SPDR Fund (XLE) declined by 0.1% recently.

The United States Oil Fund (USO) was down 0.1% and the United States Natural Gas Fund (UNG) was 4.2% lower.

Front-month US West Texas Intermediate crude oil was 0.5% lower at $69.73 per barrel on the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.6% to $73.80 per barrel, and natural gas futures were down 5.1% at $3.17 per 1 million British Thermal Units.

Equinor (EQNR) is reducing its renewable energy unit's staff by 20%, the equivalent of nearly 250 full-time jobs, a spokesperson said. Equinor shares were down more than 1% premarket.

BP (BP) said it has made a final investment decision to go ahead with the $7 billion Tangguh Ubadari carbon capture, utilization, and storage compression project in Indonesia on behalf of its production sharing contract partners. BP shares were down 0.5% pre-bell.

Exxon Mobil (XOM) and partners withdrew from talks with Guyana's government on terms for exploring and developing a shallow-water oil block, Reuters reported, citing Guyana's Vice President Bharrat Jagdeo. Exxon Mobil shares were 0.3% lower premarket.

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