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Sector Update: Energy Stocks Edge Higher Pre-Bell Monday

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Energy stocks were edging higher pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.2%.

The United States Oil Fund (USO) was up 1% and the United States Natural Gas Fund (UNG) was 3.4% lower.

Front-month US West Texas Intermediate crude oil was 1.1% higher at $69.96 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.6% to $72.40 per barrel, and natural gas futures were down 2.8% at $3.19 per 1 million British Thermal Units.

Eni (E) has started enhanced gas production off the coast of Libya, in partnership with Libyan National Oil, the Italian integrated energy producer said. Shares of Eni were up more than 1% premarket.

Matador Resources (MTDR) majority-owned San Mateo Midstream joint venture has agreed to acquire the operating subsidiaries of Cardinal Midstream Partners from EnCap Flatrock Midstream for $752 million in cash, the company said. Matador Resources stock was up more than 1% pre-bell.

Williams (WMB) may buy peer pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg reported, citing unnamed people familiar with the matter. Shares of Williams were marginally declining premarket.

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Blue Moon Metals Signs Agreement to Combine Its NSG Unit With Alpha Future Funds' VMS

Blue Moon Metals (MOON.V, BMM) said Friday that its Nye Sulitjelma Gruver AS (NSG) subsidiary entered into a binding share-purchase agreement with VMS Explorations AS, a wholly owned subsidiary of Luxembourg-based Alpha Future Funds, to combine the two subsidiaries into a single entity.Under the agreement, VMS will acquire 100% of the shares in NSG for US$15 million payable in new shares of VMS, giving Blue Moon a 30% holding in the combined company. Nearly 1,285 shares of VMS will be issued to Blue Moon, at a deemed price of US$11,666.67 per share.Combining NSG and VMS is expected to allow for an integrated development opportunity, prioritizing mining of targeted high-grade zones and centralized haulage, and processing to strengthen project economics and streamline advancement toward production, Blue Moon said in a statement.Completion of the acquisition is subject to satisfaction of certain conditions, including raising of a minimum of C$10 million in new capital and listing of VMS on a recognized stock exchange within 18 months of closing of the transaction.The acquisition is expected to close on or about November 30, 2026.Blue Moon's shares closed up C$0.30 to C$8.32 on TSX Venture Exchange on Friday.

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Sectors

Sector Update: Financial Stocks Edge Higher Late Afternoon

Financial stocks were slightly higher in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding 0.1%.The Philadelphia Housing Index was falling 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) climbed 1.1%.Bitcoin (BTC-USD) was increasing 1% to $59,823, and the yield for 10-year US Treasuries was shedding 1.8 basis points to 4.37%.In economic news, the University of Michigan consumer sentiment index was revised up to 49.5 for June from 48.9 in the preliminary estimate, below expectations of 50.0 in a Bloomberg-compiled poll.In corporate news, Stonepeak Partners has agreed to pay $2.5 billion to acquire the remainder of a lease on Chicago's parking meters from a group led by Morgan Stanley (MS), Bloomberg reported. Morgan Stanley shares were down 4.3%.Cantor Equity Partners I (CEPO), a blank check company associated with Cantor Fitzgerald, told some large investors of its proposed merger with BSTR Holdings that they could provide about a third of their initial commitment, Bloomberg reported, citing a document reviewed by the media outlet. Cantor Equity Partners I was fractionally lower.JPMorgan Chase (JPM) has been hired by ClearScore as a financial advisor ahead of a possible stock market listing that could value the UK fintech at about 2 billion British pounds ($2.64 billion), Sky News reported. JPMorgan shares were down 1.8%.Wise (WSE) reported fiscal 2026 net revenue late Thursday of $2.5 billion, up from $2.1 billion a year earlier. Its shares jumped past 9%.

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Sectors

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.7%.The Philadelphia Oil Service Sector Index was falling 1.9%, and the Dow Jones US Utilities Index rose 0.3%.Front-month West Texas Intermediate crude oil fell 3.9% to $69.09 a barrel, and the global benchmark Brent crude contract dropped 4.7% to $71.73 a barrel. Henry Hub natural gas futures rose 0.2% to $3.30 per 1 million BTU.In corporate news, Constellation Energy (CEG) said it filed applications with the US Nuclear Regulatory Commission to renew the operating licenses for its Ginna and Nine Mile Point Unit 1 nuclear reactors in New York through 2049. Constellation shares were down 2.4%.Equinor (EQNR) is ending its offshore wind business activities in Japan by the end of the year. The decision is due to a reassessment of its strategic direction and focus on integrated power markets, the firm said. Its shares fell 1.9%.TotalEnergies (TTE) said Thursday 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. TotalEnergies shares were down 1.9%.FuelCell Energy (FCEL) shares jumped 21% after Jefferies upgraded the company's shares to buy from hold.

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