Sector Update: Energy Stocks Gain Pre-Bell Friday
09:19 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 over 1% higher and the United States Natural Gas Fund (UNG) was up more than 2%. West Texas Intermediate crude oil was up $0.59 at $56.82 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.60 to $59.44 per barrel and natural gas futures were 9 cents higher at $3.02 per 1 million BTU.
Noble Midstream Partners (NBLX) was gaining more than 3% in value 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.
Total (TOT) has acquired a development pipeline of 2.2 GW of solar projects, and 600 MW of battery storage assets in Texas from renewable energy company SunChase Power. Financial terms were not disclosed. Total was slightly higher in recent trading.
National Oilwell Varco (NOV) was marginally advancing after it reported a Q4 net loss of $0.90 per share, narrower than the loss of $1.01 per share a year ago. The consensus estimate from analysts polled by Capital IQ was for a net loss of $0.32 per share.