Sector Update: Energy Stocks Edge Higher Pre-Bell Wednesday
Energy stocks were edging higher pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.6%.The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 2.8% higher.Front-month US West Texas Intermediate crude oil was 1.4% higher at $89.40 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.2% to $92.54 per barrel, and natural gas futures were up 2.8% at $3.23 per 1 million British Thermal Units.Devon Energy (DVN) stock was up more than 1% after the company said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.KNOT Offshore Partners (KNOP) will not pursue the acquisition of the shuttle tankers Frida Knutsen and Sindre Knutsen from sponsor Knutsen NYK Offshore Tankers, the company said. Shares of KNOT Offshore Partners were up more than 1% pre-bell.APA (APA) stock was up more than 1% after the company said it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.