Sector Update: Energy Stocks Lean Lower Premarket Friday
Energy stocks were leaning lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.3%.The United States Oil Fund (USO) was down 1.3% and The United States Natural Gas Fund (UNG) was 0.2% lower.Front-month US West Texas Intermediate crude oil was 0.1% higher at $97.95 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.2% to $95.68 per barrel, and natural gas futures were up 0.2% at $2.68 per 1 million British Thermal Units.ConocoPhillips (COP) has sent a team to Venezuela to evaluate the prospects of oil drilling in the country, several media outlets reported, citing a company statement. Shares of ConocoPhillips were marginally higher pre-bell.Petrobras (PBR) said it signed contracts with Petronas Petroleo Brasil to acquire 50% stakes in the Tartaruga Verde and Espadarte - Module III fields in the Campos Basin offshore Brazil for $450 million, regaining full ownership in the assets. Petrobras shares were up 1% premarket.EQT (EQT) and Glencore (GLEN) committed to acquiring an extra 1 million metric tons of liquefied natural gas annually from Commonwealth LNG through 20-year agreements, Reuters reported, citing a regulatory document. EQT stock was 0.6% lower pre-bell.
