Sector Update: Energy Stocks Slip Premarket Thursday

Thursday, November 19, 2020 9:22 AM | MT Newswires

Energy stocks were down in Thursday's premarket trading with the Energy Select Sector SPDR (XLE) recently declining by 0.34%. The United States Oil Fund (USO) was 0.28% higher and the United States Natural Gas Fund (UNG) was down more than 5%. West Texas Intermediate crude oil was down $0.07 at $41.75 per barrel on the New York Mercantile Exchange. The global benchmark Brent crude gained $0.05 to $44.39 per barrel and natural gas futures were 15 cents lower at $2.56 per 1 million BTU.

Transocean (RIG) gained more than 6% after saying Petrobras (PBR) has exercised a 680-day preexisting, fixed-price option for the Deepwater Corcovado, and an 815-day preexisting, fixed-price option for the Deepwater Mykonos. Transocean said the extensions add about $297 million to its backlog.

RigNet (RNET) was inactive after saying it has won a multi-year contract from an unidentified independent exploration and production company focused on the Permian Basin.

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