Sector Update: Energy Stocks Advance Premarket Friday
Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.4%.The United States Oil Fund (USO) was down 1.4% and The United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was 0.3% higher at $96.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.9% to reach $103.49 per barrel, and natural gas futures were down 2.3% at $2.95 per 1 million British Thermal Units.TotalEnergies (TTE) is considering selling a 50% stake in a portfolio of European renewable energy assets, Bloomberg reported Friday, citing unnamed people familiar with the matter. TotalEnergies shares were down nearly 2% pre-bell.EU antitrust regulators will decide by June 26 whether to approve or further investigate Baker Hughes' (BKR) proposed $13.60 billion acquisition of Chart Industries (GTLS), Reuters reported, citing European Commission filing. Baker Hughes stock was 0.1% lower premarket.Frontline (FRO) shares were down 0.7% even after the company posted higher Q1 adjusted earnings and revenue.