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Sector Update: Energy Stocks Rise Premarket Wednesday

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Energy stocks were rising premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1%.

The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 0.6% higher.

Front-month US West Texas Intermediate crude oil was 3.4% higher at $87.22 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.7% to $94.33 per barrel, and natural gas futures were up 1.4% at $2.91 per 1 million British Thermal Units.

Equinor (EQNR) stock was up more than 5% after the company posted higher Q2 adjusted earnings and revenue.

Eni (E) shares were up more than 1% after the company said it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.

Magnolia Oil & Gas (MGY) and its subsidiaries and affiliates plan to offer a total of $500 million in senior unsecured debt notes due 2034 in a private placement, the company said. Magnolia Oil & Gas stock was 0.3% lower premarket.

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BluEnergies Upsizes Private Placement to C$20.7 Million on Strong Demand

BluEnergies (BLU.V) increased the size of its previously announced non-brokered private placement to up to C$20.70 million from C$10.13 million, citing strong investor demand.The company said Tuesday the offering will consist of up to 9.2 million units priced at C$2.25 each, compared with the previously announced 4.5 million units at the same price.BlueEnergies aims to use the net proceeds for the exploration and advancement of the assets as well as for working capital and general corporate purposes.Shares of the company closed up C$0.17 to C$2.25 on TSX Venture Exchange on Tuesday.

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Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.4%, and the Dow Jones US Utilities Index was fractionally higher.In geopolitical news, President Donald Trump delivered a dim view of possible talks with Iran to end the war, telling reporters Tuesday that the US has "no interest in meeting" until Iran is ready to convene "in a meaningful way," the Associated Press reported.Separately, a desalination facility and power plants caught fire and suffered serious damage in Kuwait after new Iranian strikes targeted the crucial facilities, along with areas of Bahrain and Jordan, following the 10th consecutive night of US bombing, Al Jazeera reported Tuesday.Meanwhile, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.Front-month West Texas Intermediate crude oil climbed 2% to $84.91 a barrel, and the global benchmark Brent crude contract rose 2.3% to $91.25 a barrel. Henry Hub natural gas futures increased 0.9% to $2.89 per 1 million BTU.In corporate news, Fluor (FLR) said Tuesday it secured a contract from Gulf Petrochemical Industries to carry out the front-end engineering and design for a new aromatics facility in Bahrain. Fluor shares gained 3.6%.Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported. Shell shares were up 1.1%.Shell, TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported. TotalEnergies shares climbed 2.9%, and BP added 1.3%Magnolia Oil & Gas (MGY) shares were down 2%. The company said late Monday it priced its underwritten public offering of 46.3 million class A shares at $23.75 per share.

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Sector Update: Financial Stocks Advance Late Afternoon

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