Sector Update: Energy

MT Newswires Live07-16 21:09

Energy stocks were edging higher premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.2%.

The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 0.1% lower.

Front-month US West Texas Intermediate crude oil was 1.1% higher at $80.44 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.1% to $85.85 per barrel, and natural gas futures were up 0.9% at $2.95 per 1 million British Thermal Units.

TotalEnergies (TTE) expects Q2 hydrocarbon production to be nearly 2.4 million barrels of oil equivalent per day, supported by about 4% organic growth, the company said. Shares of TotalEnergies were down more than 1% pre-bell.

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