Sector Update: Energy Stocks Advance Premarket Friday
Energy stocks advanced premarket Friday as the Energy Select Sector SPDR Fund (XLE) was 0.5% higher recently.
The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 1% lower.
Front-month US West Texas Intermediate crude oil was up 0.3% at $66.75 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.3% to $70.10 per barrel, and natural gas futures were 2.7% lower at $4.00 per 1 million British Thermal Units.
MRC Global (MRC) shares fell by over 4% after the company reported that it swung to a Q4 adjusted net loss as sales fell during the period.
Mach Natural Resources (MNR) shares advanced by over 3% after the company reported a Q4 net income of $36.5 million and revenue of $234.9 million, with no comparable data from the prior year.
BP (BP) said it stopped a gas leak at its Greater Tortue Ahmeyim project off West Africa. BP shares were over 1% higher premarket.
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