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Sector Update: Energy Stocks Decline Premarket Friday

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Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.

The United States Oil Fund (USO) was down 3% and the United States Natural Gas Fund (UNG) was 2.3% higher.

Front-month US West Texas Intermediate crude oil was 3.2% lower at $69.64 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 3.5% to $72.64 per barrel, and natural gas futures were up 1.5% at $3.39 per 1 million British Thermal Units.

Equinor (EQNR) shares were down more than 1% after the company said it is ending its offshore wind business activities in Japan and shut its Tokyo office by the end of the year.

Cenovus Energy (CVE) has awarded a five-year engineering and maintenance services contract for its White Rose offshore field assets to Aker Solutions, the latter said. Cenovus Energy stock was 0.6% lower premarket.

TotalEnergies (TTE) said the Paris Judicial Court rejected a bid by environmental groups and the City of Paris to block new oil and gas projects or force production cuts under France's duty of vigilance law. Shares of TotalEnergies were down 0.2% pre-bell.

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