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Natural Gas Rises to a Near Four-Month High on as Forecasts See Hot Weather on the Way
Natural gas rose for a third-straight session early Friday, rising to a near four-month high as warming long-term forecasts look to boost cooling demand for the fuel.Gas for July delivery was last seen up $0.09 to US$3.38 per million British thermal units, the highest since early Feb.6.The rise comes as long-term forecasts from the National Weather Service expect most states to have warmer than seasonal temperatures over its six to 14 day forecast, though the Southeast states will see seasonal temperatures over the period.In its weekly survey, the Energy Information Administration on Thursday said stocks of the fuel rose by 92-billion cubic feet, within expectations, leaving inventories at 2.48-trillion cubic feet, 6.2% above the five-year average.
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Sectors
Sector Update: Energy Stocks Decline Premarket Friday
Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.5% lower.The United States Oil Fund (USO) was down 2.2% and The United States Natural Gas Fund (UNG) was 2.6% higher.Front-month US West Texas Intermediate crude oil was 1.9% lower at $87.18 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.9% to reach $91.98 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported, citing industry sources. Shares of Chevron were down 0.3% pre-bell.Eni (E) Industrial Evolution and Seri Industrial agreed on a joint project to build an integrated industrial supply chain in the lithium iron phosphate battery sector, the oil major said. Eni shares were 0.2% lower premarket.
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Sectors
Sector Update: Financial Stocks Edge Higher Premarket Friday
Financial stocks were edging higher premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.JPMorgan Chase (JPM) and Nomura Holdings (NMR) are among the firms picked by Waaree Energies to manage its planned share sale, which could raise up to $700 million, Bloomberg reported, citing people familiar with the matter. Nomura Holdings shares were up 1% pre-bell.Apollo Global Management (APO) has received the European Commission's approval for its funds under Apollo Capital Management to acquire Nippon Sheet Glass, according to a statement. Apollo Global Management stock was 0.2% higher premarket.Blackstone (BX) is in talks to sell its 45% stake in Leica Camera to Asian investment firm HSG, Bloomberg reported Friday, citing sources familiar with the matter. Shares of Blackstone were 0.3% higher pre-bell.
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