Sector Update: Energy Stocks Rise Pre-Bell Monday
09:18 AM EDT, 05/10/2021 (MT Newswires) -- Energy stocks were rising premarket Monday with the Energy Select Sector SPDR (XLE) gaining over 1% in value recently. The United States Oil Fund (USO) was 0.79% higher and the United States Natural Gas Fund (UNG) was down more than 1%.
West Texas Intermediate crude oil was up $0.47 at $65.37 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.56 to $68.84 per barrel and natural gas futures were 3 cents lower at $2.93 per 1 million BTU.
Bonanza Creek Energy (BCEI) was advancing by more than 3% after the company and Extraction Oil & Gas (XOG) said in a joint statement Monday that 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.
Kosmos Energy (KOS) reported a Q1 adjusted loss of $0.08 per share, compared with a loss of $0.16 per share a year earlier. Three analysts polled by Capital IQ projected an adjusted loss of $0.09 per share. Kosmos Energy was over 1% lower in recent trading.