Sector Update: Energy Stocks Rally Pre-Bell Thursday

Last Updated: Thursday, August 18, 2022 9:29 AM | MT Newswires

Energy stocks were rallying pre-bell Thursday with the Energy Select Sector SPDR (XLE) recently climbing past 1%. The United States Oil Fund (USO) was up more than 1% and the United States Natural Gas Fund (UNG) was 0.1% lower.

West Texas Intermediate crude oil was up by 1.10% at $89.08 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 1.91% to $95.44 per barrel and natural gas futures were 0.2% lower at $9.23 per 1 million BTU.

Brooge Energy (BROG) was up more than 6% after saying its majority shareholder, BPGIC Holdings Ltd., has expressed an interest to acquire all the shares of the company it does not currently own and take Brooge private.

Equinor (EQNR) was up 1% after saying it bought back 330,247 shares for almost 117 million Norwegian kroner ($12.1 million) on Aug. 15 on the Oslo Stock Exchange.

Phillips 66 (PSX) said it submitted a non-binding offer to acquire all publicly held common units of DCP Midstream for $34.75 apiece. Phillips 66 was marginally higher recently.

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