Sector Update: Energy Stocks Decline Pre-Bell Friday
Energy stocks were declining pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.3% lower.The United States Oil Fund (USO) was down 1.7% and the United States Natural Gas Fund (UNG) was 1.9% higher.Front-month US West Texas Intermediate crude oil was 2.4% lower at $89.90 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.8% to $97.83 per barrel, and natural gas futures were up 1.3% at $2.95 per 1 million British Thermal Units.SLB (SLB) shares were up nearly 4% after the company reported Q2 adjusted earnings and revenue that topped analysts' estimates.BP (BP) is in advanced talks to sell its solar power arm Lightsource to a consortium comprising Qualitas Energy, a private equity firm focused on green energy, and Wren House, the infrastructure arm of the Kuwait Investment Authority, Reuters reported. BP stock was 0.3% lower premarket.Ocean Power Technologies (OPTT) stock was 2% lower after the company said it acquired strategic subsea developmental technology assets from Columbia Power Technologies.
