FINWIRES · TerminalLIVE
FINWIRES

Sector Update: Energy

By

Energy stocks were leaning lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.8%.

The United States Oil Fund (USO) was down 3.1% and the United States Natural Gas Fund (UNG) was 2% higher.

Front-month US West Texas Intermediate crude oil was 3.3% lower at $92.85 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3% to $94.89 per barrel, and natural gas futures were up 2.9% at $3.31 per 1 million British Thermal Units.

Expro Group (XPRO) shares were up more than 1% after the company said it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.

Related Articles

Sectors

Gold Trading Higher as the Dollar and Yields Fall as Israel and Lebanon Agree to a Ceasefire

Gold prices rose early on Thursday as the dollar and treasury yields weakened as oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran.Gold for July delivery was last seen up US$59.10 to US$4,526.00 per ounce.The rise comes as Israel and Lebanon agreed to a ceasefire, one of Iran's key demands for agreeing for a deal of its own to end the war with the United States and reopen the Strait of Hormuz. The rise in oil prices that has followed the start of the war has boosted inflation, raising worries central banks will need to hike interest rates, bearish for gold since it pays no interest. However oil traded sharply lower Thursday following the ceasefire agreement."Gold fell to test its 200-day moving average once again on Wednesday as higher oil prices kept inflation concerns elevated following renewed tensions in the Middle East. Those losses were reversed in early trading on Thursday after Israel and Lebanon announced a conditional ceasefire. Overall, gold remains rangebound, with steady central bank demand being offset by ETF outflows and short-term momentum traders positioning for a deeper correction," Saxo Bank noted.The dollar fell off a two-month high as oil prices weakened, with the ICE dollar index last seen down 0.3 points to 99.23. Treasury yields also fell, with the U.S. two-year note last seen paying 4.043%, down 4.3 basis points, while the yield on the 10-year note was down 4.5 points to 4.455%.

$GCN6$GLD
Sectors

Sector Update: Financial

Financial stocks were edging higher pre-bell Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 1.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 3.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 3.4% lower.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports. Shares of Blackstone were up more than 1% premarket.

$BX
Sectors

Sector Update: Health Care

Healthcare stocks were rising premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) 1.5% higher and the iShares Biotechnology ETF (IBB) advancing by 0.6%.Biogen (BIIB) shares were up more than 1% after the company said the US Food and Drug Administration has granted breakthrough therapy designation for Salanersen to treat spinal muscular atrophy, a rare, genetic and neuromuscular disease.

$BIIB