Sector Update: Energy Stocks Steady Premarket Wednesday

09:22 AM EDT, 09/04/2024 (MT Newswires) -- Energy stocks were steady premarket Wednesday with the Energy Select Sector SPDR Fund (XLE) recently up by a slight 0.01%.

The United States Oil Fund (USO) was 0.6% lower and the United States Natural Gas Fund (UNG) was up 1.74%.

Front-month US West Texas Intermediate crude oil was down 0.1% at $70.25 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.2% to $73.63 per barrel, and natural gas futures were up almost 2% at $2.25 per 1 million British Thermal Units.

Helix Energy Solutions Group (HLX) shares advanced by over 2% after it announced a new multi-year contract with Shell (SHEL) subsidiary Shell Offshore starting in 2025 to continue providing well intervention services in the US Gulf of Mexico.

Exxon Mobil (XOM) said Abu Dhabi's National Oil Company signed a deal to acquire a 35% equity stake in its proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. Exxon Mobil shares were up 0.2% pre-bell.

New Fortress Energy (NFE) said it received authorization from the US Department of Energy to export up to about 1.4 million tons per annum of liquified natural gas to non-free trade agreement countries. New Fortress Energy shares were up 0.1% premarket.