Sector Update: Energy

Last Updated: Thursday, December 8, 2022 9:01 AM | MT Newswires

Energy stocks were gaining pre-bell Thursday with the Energy Select Sector SPDR (XLE) climbing past 2% recently. The United States Oil Fund (USO) was up more than 2% and the United States Natural Gas Fund (UNG) was 0.6% higher.

Front-month US West Texas Intermediate crude oil was up 4.1% at $74.97 per barrel at the New York Mercantile Exchange. The global benchmark North Sea Brent crude gained 2.4% to $79.05 per barrel. Natural gas futures were 2.4% higher at $5.859 per 1 million British Thermal Units.

Exxon Mobil (XOM) was advancing nearly 3% after it outlined its corporate plan for the next five years, with about $17 billion allocated for lower emission initiatives through 2027.

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