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Sector Update: Energy Stocks Lower Pre-Bell Thursday

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

The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 2% higher.

Front-month US West Texas Intermediate crude oil was down 0.3% to $70.14 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.2% to $73.75 per barrel, and natural gas futures were 2.1% higher at $3.29 per 1 million British Thermal Units.

TotalEnergies (TTE) stock was down 0.9% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.

BP (BP) shares were down 0.7%, extending losses from the 3.7% decline at the prior close. India's state-run ONGC said it signed a technical services contract with BP to boost crude oil and natural gas production across 43 blocks in the country's Western Offshore Basin.

Enerflex (EFXT) stock gained 0.5% after the company signed an updated agreement that extends the expiration of its revolving credit facility by three years to mid-2029.

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