Sector Update: Energy Stocks Lean Lower Pre-Bell Friday

Last Updated: Friday, August 19, 2022 9:28 AM | MT Newswires

Energy stocks were leaning lower pre-bell Friday as the Energy Select Sector SPDR (XLE) was recently declining by 0.6%. The United States Oil Fund (USO) was down 0.8% and the United States Natural Gas Fund (UNG) was over 2% lower.

Front-month US West Texas Intermediate crude oil was down by 1.1% at $89.11 per barrel at the New York Mercantile Exchange. The global benchmark North Sea Brent crude lost 0.8% to $95.85 per barrel. Natural gas futures were 1.6% lower at $9.040 per 1 million British Thermal Units.

Chesapeake Energy (CHK) was slipping nearly 2% after saying it has begun an exchange offer for all of its class A, B, and C warrants issued as part of a restructuring completed in February 2021 by the natural gas producer that eliminated more than $7 billion of prior debt.

Sprague Resources LP (SRLP) said it has notified the New York Stock Exchange that its merger with affiliates of Hartree Partners, LP will close on or about Sep. 1. Sprague Resources shares were up 0.1% in recent premarket activity.

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