Sector Update: Energy

MT Newswires Live10-08 21:10

Energy stocks were rising pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.8%.

The United States Oil Fund (USO) was up 3.5% and the United States Natural Gas Fund (UNG) was 2.2% higher.

Front-month US West Texas Intermediate crude oil was 4.8% higher at $92.48 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 4.7% to $104.86 per barrel, and natural gas futures were up 2.3% at $3.28 per 1 million British Thermal Units.

Devon Energy (DVN) said it has agreed to sell its Eagle Ford assets in Texas to Crescent Energy (CRGY) for $4.2 billion in cash. Devon Energy shares were up more than 2% and Crescent Energy stock was down nearly 2% premarket.

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