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Sector Update: Energy Stocks Advance Pre-Bell Thursday

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Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.4% higher.

The United States Oil Fund (USO) was up 1.7% and The United States Natural Gas Fund (UNG) was 0.2% lower.

Front-month US West Texas Intermediate crude oil was 1.6% higher at $76.39 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $80.94 per barrel, and natural gas futures were down 1.2% at $2.67 per 1 million British Thermal Units.

ConocoPhillips (COP) shares were up more than 2% after the company reported higher Q2 adjusted earnings and revenue.

Canadian Natural Resources (CNQ) stock was up more than 2% after the company posted higher Q2 adjusted earnings and revenue.

Targa Resources (TRGP) shares were up 0.2% after the company reported higher Q2 net income and revenue.

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Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.1%.The Philadelphia Oil Service Sector Index declined 2.3%, and the Dow Jones US Utilities Index shed 1.1%.In geopolitical news, the US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official. President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent. Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.Front-month West Texas Intermediate crude oil fell 0.7% to $75.23 a barrel, and the global benchmark Brent crude contract rose 0.2% to $79.50 a barrel. Henry Hub natural gas futures shed 0.4% to $2.67 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended July 31 following a decrease of 11.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.5 million barrels after a 7.2-million-barrel decline in the previous week, compared with the 1.5-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Constellation Energy (CEG) said Wednesday its board has elected Chief Executive Officer and President Joe Dominguez as chairman. Constellation shares were down 0.9%.Gran Tierra Energy (GTE) shares surged 36% after the company said Wednesday it agreed to sell its oil business in Colombia and Ecuador to Paris-listed Etablissements Maurel & Prom for an enterprise value of $1.33 billion.BP's (BP) push to boost its balance sheet is set to pick up speed in H2, helped by firmer refining margins and ongoing asset sales, RBC Capital Markets said in a note. BP shares were down 3%.Natural Resource Partners (NRP) shares jumped past 8% after it reported its Q2 results.

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Sectors

Sector Update: Financial Stocks Advance Late Afternoon

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Sectors

Sector Update: Healthcare Stocks Rise Late Afternoon

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