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Sector Update: Energy Stocks Edge Higher Pre-Bell Tuesday

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Energy stocks were edging higher pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.7%.

The United States Oil Fund (USO) was up 2.9% and the United States Natural Gas Fund (UNG) was 0.1% higher.

Front-month US West Texas Intermediate crude oil was 3.5% higher at $80.85 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 4.3% to $86.91 per barrel, and natural gas futures were down 1.3% at $2.86 per 1 million British Thermal Units.

BP (BP) said its Q2 results are expected to include post-tax adjusting items relating to impairments of around $1 billion. BP shares were up more than 1% premarket.

Shell (SHEL) will receive a production-linked tax credit from Nigeria for its Bonga Southwest Aparo deepwater project, Bloomberg reported, citing people familiar with the matter. Shares of Shell were nearly 1% higher pre-bell.

Ranger Energy Services (RNGR) shares were up more than 1% after the company said it has entered into a contract with Hess, a wholly owned subsidiary of Chevron (CVX), to deploy three additional ECHO hybrid workover rigs.

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