SPY420.86+5.94 1.43%
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IXIC14,141.48+111.10 0.79%

Sector Update: Energy

05/12/2021 05:17

09:02 AM EDT, 05/12/2021 (MT Newswires) -- Energy stocks were trading higher premarket Wednesday as the Energy Select Sector SPDR (XLE) was advancing by 0.69%. The United States Oil Fund (USO) was 1% higher and the United States Natural Gas Fund (UNG) was up 0.19%.

West Texas Intermediate crude oil was up $1 at $66.28 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.94 to $69.49 per barrel and natural gas futures were flat at $2.96 per 1 million BTU.

CVR Energy (CVI) was gaining more than 10% after saying it will concentrate on renewable fuels and spend up to $10 million to advance its renewable diesel initiatives.