Sector Update: Energy Stocks Steady Premarket Monday

MT Newswires Live12-16

Energy stocks were steady premarket Monday with the Energy Select Sector SPDR Fund (XLE) marginally lower.

The United States Oil Fund (USO) was 0.3% lower and the United States Natural Gas Fund (UNG) was down 2.1%.

Front-month US West Texas Intermediate crude oil was down 0.7% at $70.81 per barrel on the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.6% to $74.06 per barrel. Natural gas futures were down 2.3% at $3.20 per 1 million British Thermal Units.

BP (BP) and XRG said they have reached a financial close and completed the formation of their Arcius Energy joint venture, a natural gas platform. BP shares were down 1.6% pre-bell Monday.

Shell (SHEL) shares were down 0.5% after it said its Shell Nigeria Exploration and Production subsidiary has approved a final investment decision for the Bonga North deep-water project off the coast of Nigeria.

Phillips 66 (PSX) shares were down 0.6% after it said it agreed to sell its 25% non-operated stake in the Gulf Coast Express Pipeline to an ArcLight Capital Partners affiliate for $865 million, subject to adjustments.

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