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Sector Update: Energy Stocks Edge Higher Premarket Tuesday

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Energy stocks were edging higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.1%.

The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 0.8% higher.

Front-month US West Texas Intermediate crude oil was 2.2% higher at $85.05 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $90.92 per barrel, and natural gas futures were up 0.2% at $2.87 per 1 million British Thermal Units.

Halliburton (HAL) reported flat Q2 adjusted earnings year on year, while revenue increased. Shares of Halliburton were down more than 3% pre-bell.

Icahn Enterprises (IEP) has struck a deal to sell auto-service chain Pep Boys to private-equity-owned Mavis Tire Express Services for about $700 million in cash, The Wall Street Journal reported, citing unnamed people familiar with the matter. Icahn Enterprises shares were up 0.1% premarket.

Chevron (CVX) halted output at its Petronius site and evacuated all workers to land ahead of Tropical Storm Bertha, the company said. Chevron stock was marginally higher premarket.

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Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks rose late Monday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index lost 0.4%, and the Dow Jones US Utilities Index shed 0.6%.Crude oil prices turned higher amid threats to Saudi Arabian crude oil supplies. Iran said mediators have been in touch with proposals on how to ease hostilities with the US after nine days of clashes, while tensions remained high after a threat by the Tehran-backed Houthi group against Saudi Arabia, Bloomberg reported.Houthis in Yemen said Monday they were imposing a naval blockade on Saudi Arabia, Reuters reported. The full closure of the Bab el-Mandeb strait would reduce global oil supply by 7% as it would leave most of Saudi oil exports unable to leave the region, the report said. The disruption would add to the reduction in oil flows from the war, which has already cut shipments by 10% of global supply, it added.West Texas Intermediate crude oil rose 0.5% to $82.86 a barrel, and global benchmark Brent added 0.8% to $88.80 a barrel. Henry Hub natural gas futures fell 1.9% to $2.86 per 1 million BTU.In corporate news, Magnolia Oil & Gas (MGY) agreed to buy privately-held WildFire Energy in a roughly $4.06 billion deal, including debt, that will give it a dominant position in the Giddings field in South Texas. Magnolia shares were down 5.6%.Fervo Energy (FRVO) shares gained 4% after Jefferies upgraded the stock to buy from hold while cutting its price target to $34 from $41.Tamboran Resources (TBN) has completed stimulation, cleanout, and completion activities of the Shenandoah South 3H, 4H, and 5H shale gas wells in the Northern Pilot Area of the Beetaloo Basin in Australia, the company said Monday. Shares rose 2.7%.BP (BP) said Monday it has agreed to sell its mobility, convenience and electric vehicle charging businesses in Austria to volenergy. Shares added 0.4%.

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Sectors

Sector Update: Financial Stocks Decline Late Afternoon

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Sector Update: Tech Stocks Rise Late Afternoon

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