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Sector Update: Energy

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Energy stocks were edging higher pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.3%.

The United States Oil Fund (USO) was down 0.9% and the United States Natural Gas Fund (UNG) was 1.4% lower.

Front-month US West Texas Intermediate crude oil was 0.4% lower at $73.58 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.5% to $77.55 per barrel, and natural gas futures were down 1.1% at $3.22 per 1 million British Thermal Units.

Phillips 66 (PSX) has entered a partnership with Kanin Energy on a 7-megawatt waste heat-to-power project at its Mewbourn natural gas processing complex in Platteville, Colorado, Kanin Energy said. Phillips 66 stock was 0.4% higher premarket.

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