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Sector Update: Energy

05/10/2021 05:14

09:09 AM EDT, 05/10/2021 (MT Newswires) -- Energy stocks were rallying premarket Monday with the Energy Select Sector SPDR (XLE) gaining over 1% in value recently. The United States Oil Fund (USO) was 0.86% higher and the United States Natural Gas Fund (UNG) was down 0.76%.

West Texas Intermediate crude oil was up $0.49 at $65.39 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.55 to $68.82 per barrel. Natural gas futures were $0.032 lower at $2.926 per 1 million British Thermal Units.

Bonanza Creek Energy (BCEI) was advancing by more than 4% after the company and Extraction Oil & Gas (XOG) said in a joint statement Monday they have agreed to combine in a merger of equals transaction. The combined company, to be named Civitas Resources Inc., will have an aggregate enterprise value of approximately $2.6 billion.