Energy stocks were advancing premarket Wednesday with the Energy Select Sector SPDR (XLE) recently climbing by 0.40%. The United States Oil Fund (USO) was 0.64% higher and the United States Natural Gas Fund (UNG) was up more than 3%.
West Texas Intermediate crude oil was down $0.18 at $71.87 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.14 to $75.30 per barrel and natural gas futures were 18 cents higher at $3.89 per 1 million BTU.
Equinor (EQNR) was gaining over 2% in value after announcing an agreement to acquire Spirit Energy's production licenses in the Statfjord field on the Norwegian Continental Shelf for $50 million.
PDC Energy (PDCE) was marginally higher after it set a special dividend of $0.50 per share and maintained a quarterly dividend of $0.12 per share.
Energy Transfer (ET) was slightly lower after saying it has priced a secondary public offering of about 87 million common units by CenterPoint Energy (CP) subsidiary CenterPoint Energy Midstream for gross proceeds of about $665.2 million.