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Sector Update: Energy

· 02/05/2021 04:07

09:01 AM EST, 02/05/2021 (MT Newswires) -- Energy stocks were gaining in Friday's pre-bell trading with the Energy Select Sector SPDR (XLE) recently advancing by more than 1%. The United States Oil Fund (USO) was 0.82% higher and the United States Natural Gas Fund (UNG) was up more than 2%. West Texas Intermediate crude oil was up $0.60 at $56.83 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.59 to $59.43 per barrel and natural gas futures were 9 cents higher at $3.03 per 1 million BTU.

Noble Midstream Partners (NBLX) was gaining more than 3% after Chevron (CVX) said it submitted a non-binding proposal to acquire the Noble Midstream units that it does not already own, offering $12.47 in Chevron shares for each Noble Midstream unit.