Sector Update: Energy

MT Newswires Live

03/16

Energy stocks were leaning lower pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.1%.

The United States Oil Fund (USO) was 2.3% lower and the United States Natural Gas Fund (UNG) was down marginally.

Front-month US West Texas Intermediate crude oil was down 3.6% at $95.21 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1% to $102.22 per barrel, and natural gas futures were 1.8% lower at $3.07 per 1 million British Thermal Units.

Sable Offshore (SOC) shares were up more than 9% after the company said it resumed transporting hydrocarbons produced at the Santa Ynez unit through the Santa Ynez pipeline system on Saturday, as directed by US Secretary of Energy Chris Wright.

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