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Sector Update: Energy Stocks Drop on Premarket Tuesday

05/11/2021 05:30

09:26 AM EDT, 05/11/2021 (MT Newswires) -- Energy stocks were slipping ahead of Tuesday's market open as the Energy Select Sector SPDR (XLE) was down 2.39%.

The United States Oil Fund (USO) was 1.24% lower and the United States Natural Gas Fund (UNG) declined by 1.43%.

West Texas Intermediate crude oil lost $0.93 at $63.24 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.08 to $66.87 per barrel and natural gas futures were 4 cents lower at $2.71 per 1 million BTU.

In company news, Plug Power (PLUG) was down more than 8% after it projected more than $67 million in Q1 revenue, up more than 70% over year-ago levels but missing the the Street consensus for revenue of $75.9 million. It also said that there will be a delay in the filing of its Form 10-Q.

Western Midstream Partners (WES) was dropping by more than 5% after it reported Q1 EPS of $0.44, compared with a loss of $0.57 a year ago. The result missed the $0.55 consensus estimate of analysts polled by Capital IQ.