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Sector Update: Energy

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Energy stocks were rising pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.8%.

The United States Oil Fund (USO) was up 1.5% and the United States Natural Gas Fund (UNG) was 0.9% higher.

Front-month US West Texas Intermediate crude oil was 1.9% higher at $93.17 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.2% to $98.16 per barrel, and natural gas futures were down 0.6% at $2.96 per 1 million British Thermal Units.

TotalEnergies (TTE) shares were up more than 1% after the company said Papua LNG has reached key contractual and commercial milestones, advancing the project toward a final investment decision.

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Sector Update: Energy Stocks Softer Late Afternoon

Energy stocks declined late Friday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index was falling 1.2%, and the Dow Jones US Utilities Index was down 0.4%.Front-month West Texas Intermediate crude oil rose 0.1% to $91.40 a barrel, and the global benchmark Brent crude contract added 0.7% to $96.17 a barrel. Henry Hub natural gas futures advanced 1.1% to $2.95 per 1 million BTU.In corporate news, Shell (SHEL) and Equinor's (EQNR) Jackdaw gas field in the North Sea is expected to receive UK government approval for new drilling this month, news outlets reported. Separately, Morgan Stanley upgraded Shell to overweight from equalweight and lifted its price target to $101.30 from $81.60. Shell shares were up 0.8%, while Equinor was shedding 1.2%.TotalEnergies (TTE) shares were down 0.5% after Morgan Stanley downgraded the stock to equalweight from overweight.BP's (BP) "turnaround" is gaining momentum as stronger commodity conditions, asset sales and cost cutting are expected to accelerate debt reduction and improve the company's balance sheet, RBC Capital Markets said in a note, after hosting a session with BP CFO Kate Thomson. BP shares were up 0.6%.Dominion Energy (D) shareholders have given consent to the company to proceed with the planned merger with NextEra Energy (NEE), according to regulatory filings Thursday. Dominion shares were shedding 0.6%, and NextEra was down 0.9%.

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