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Sector Update: Energy Stocks Advance Early Wednesday

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Energy stocks were advancing in early Wednesday morning trading, with the State Street Energy Select Sector SPDR ETF (XLE) 0.3% higher.

The United States Oil Fund (USO) was up 0.5% and the United States Natural Gas Fund (UNG) was 2.2% higher.

Front-month US West Texas Intermediate crude oil was 0.2% higher at $85.08 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.1% to reach $91.14 per barrel, and natural gas futures were up 3% at $2.86 per 1 million British Thermal Units.

FLEX LNG (FLNG) shares were up more than 6% after the company reported higher Q2 adjusted net income and revenue.

Northern Oil and Gas (NOG) stock was up more than 1% after the company said it is planning to sell $500 million in senior notes due 2034 through a private offering to certain purchasers.

BP (BP) has begun trading Venezuelan oil, with a tanker loading about 400,000 barrels of heavy fuel oil supplied by state-owned Petroleos de Venezuela for delivery to Houston, Bloomberg News reported Tuesday. BP stock was 0.8% higher in early trading hours.

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