Sector Update: Energy

MT Newswires Live05-27 21:10

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.8% lower.

The United States Oil Fund (USO) was down 4.4% and the United States Natural Gas Fund (UNG) was 1% higher.

Front-month US West Texas Intermediate crude oil was 5.6% lower at $88.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.6% to $95.04 per barrel, and natural gas futures were up 1.6% at $2.94 per 1 million British Thermal Units.

TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 3% pre-bell.

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