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Sector Update: Energy Stocks Mostly Higher Pre-Bell Wednesday
2024-08-21 21:24
09:24 AM EDT, 08/21/2024 (MT Newswires) -- Energy stocks were mostly higher pre-bell Wednesday with the Energy Select Sector SPDR Fund (XLE) up 0.6% recently.
The United States Oil Fund (USO) was 0.9% higher and the United States Natural Gas Fund (UNG) was down 0.2%.
Front-month US West Texas Intermediate crude oil was up 0.8% at $73.78 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.7% to $77.77 per barrel. Natural gas futures were down 0.3% at $2.192 per 1 million British Thermal Units.
Arch Resources (ARCH) and Consol Energy (CEIX) said they have agreed to a merger of equals in an all-stock transaction to create a new company called Core Natural Resources. Arch Resources shares were over 6% higher and Consol Energy shares were up more than 8% premarket.
BP (BP) entered an agreement with the Iraqi government to develop the Kirkuk oil and gas fields on a profit-sharing basis, Reuters reported, citing government officials. BP shares were over 1% higher premarket.
An Enterprise Products Partners (EPD) affiliate has agreed to acquire Pinon Midstream for $950 million in a debt-free cash transaction, the companies said. Enterprise Products Partners shares were up 0.6% pre-bell.
