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Sector Update: Energy Stocks Rise Pre-Bell Thursday

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Energy stocks were rising pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.3%.

The United States Oil Fund (USO) was up 2.8% and the United States Natural Gas Fund (UNG) was 0.4% lower.

Front-month US West Texas Intermediate crude oil was 2.7% higher at $88.16 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.4% to $93.81 per barrel, and natural gas futures were down 2% at $2.76 per 1 million British Thermal Units.

ExxonMobil (XOM) warned that Kazakhstan's Tengiz oil field is nearing peak production and that output will fall sharply over the coming decade, Bloomberg reported, citing a company presentation. Shares of Exxon Mobil were up more than 1% premarket.

Equinor (EQNR) stock was up more than 1% after the company said it signed a three-year agreement with Poland's Orlen for crude oil sale from the Johan Sverdrup field on the Norwegian continental shelf, starting in September.

Transocean (RIG) secured a two-year contract with ONGC for its Dhirubhai Deepwater KG2 drillship, with work expected to begin in Q1 2027 and contribute about $300 million, the company said. Transocean shares were up more than 2% pre-bell.

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