Sector Update: Energy Stocks Rally Pre-Bell Thursday

Last Updated: Thursday, December 8, 2022 9:19 AM | MT Newswires

Energy stocks were rallying pre-bell Thursday with the Energy Select Sector SPDR (XLE) climbing by nearly 2.0% recently. The United States Oil Fund (USO) was up nearly 2.0% and the United States Natural Gas Fund (UNG) was 1.0% higher.

Front-month US West Texas Intermediate crude oil was up 3.4% at $74.46 per barrel at the New York Mercantile Exchange. The global benchmark North Sea Brent crude gained 1.9% to $78.64 per barrel. Natural gas futures were 2.4% higher at $5.860 per 1 million British Thermal Units.

Exxon Mobil (XOM) was advancing by more than 2.0% after it outlined its corporate plan for the next five years, with about $17 billion allocated for lower emission initiatives through 2027.

Transocean (RIG) was climbing past 5.0% after saying its Deepwater Corcovado and Deepwater Orion drillships secured two contracts representing nearly $1.04 billion in firm backlog for work offshore Brazil with an undisclosed oil company.

Kinder Morgan (KMI) was up over 1% after saying it anticipates attributable net income per share of $1.12 for 2023, flat compared to the 2022 forecast of $1.12 per share.

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