Sector Update: Energy

MT Newswires Live10-26

Energy stocks were falling premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 1.3%.

The United States Oil Fund (USO) was down 2.3% and the United States Natural Gas Fund (UNG) was 1.5% lower.

Front-month US West Texas Intermediate crude oil was 2% lower at $101.22 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.3% to $115.26 per barrel, and natural gas futures were down 4.5% at $2.52 per 1 million British Thermal Units.

EQT (EQT) entered into a definitive agreement to acquire Range Resources (RRC) in an all-stock transaction that will create a natural gas company with a pro forma enterprise value over $50 billion, EQT said. Shares of EQT were down more than 6%, while Range Resources stock was nearly 11% higher pre-bell.

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