Sector Update: Energy Stocks Gain Premarket Monday

Last Updated: Monday, December 5, 2022 9:12 AM | MT Newswires

Energy stocks were gaining premarket Monday as the Energy Select Sector SPDR (XLE) was recently advancing by over 1%. The United States Oil Fund (USO) was up more than 2% and the United States Natural Gas Fund (UNG) was over 7% lower.

West Texas Intermediate crude oil was up 2.63% at $82.12 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 2.54% to $87.75 per barrel and natural gas futures were 8.15% lower at $5.77 per 1 million BTU.

TotalEnergies (TTE) was climbing past 1% after the company and Air France-KLM announced a memorandum of understanding for the supply of more than 1 million cubic metres of sustainable aviation fuel.

Golar LNG (GLNG) was slightly advancing after saying it is offering to buy back parts of its $300 million senior unsecured bonds due October 2025 via a reverse Dutch Auction.

ProFrac Holding (ACDC) was inactive after saying it has agreed to acquire the Eagle Ford sand mining operations of Monarch Silica. Financial terms of the deal, which is expected to close by the end of the year, were not disclosed.

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