Sector Update: Energy Stocks Edge Lower Premarket Tuesday

MT Newswires Live04-01

Energy stocks edged higher premarket Tuesday as the Energy Select Sector SPDR Fund (XLE) was slightly lower recently.

The United States Oil Fund (USO) was up 0.3% and the United States Natural Gas Fund (UNG) was 2.7% lower.

Front-month US West Texas Intermediate crude oil was up 0.3% at $71.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil slightly advanced to $74.88 per barrel, and natural gas futures were 2.2% lower at $4.03 per 1 million British Thermal Units.

Chevron (CVX) shares were 0.1% lower after its Chevron U.S.A. unit said it closed the sale of a 70% interest in its East Texas gas assets to an affiliate of TG Natural Resources for $525 million, with $75 million paid in cash and $450 million as a capital carry to fund Haynesville development.

Ring Energy (REI) shares were down 0.8% after the company said it completed the acquisition of the Central Basin Platform assets of Lime Rock Resources.

Excelerate Energy (EE) shares fell past 5% after the company priced an upsized underwritten public offering of $184.3 million of class A shares at $26.50 apiece.

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