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Sector Update: Energy Stocks Trade Higher Pre-Bell Wednesday

05/12/2021 05:39

09:25 AM EDT, 05/12/2021 (MT Newswires) -- Energy stocks were trading higher premarket Wednesday as the Energy Select Sector SPDR (XLE) was recently advancing by 0.67%. The United States Oil Fund (USO) was 0.56% higher and the United States Natural Gas Fund (UNG) was up 0.09%. West Texas Intermediate crude oil was up $0.72 at $66.00 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.71 to $69.26 per barrel and natural gas futures were 1 cent higher at $2.97 per 1 million BTU.

CVR Energy (CVI) was gaining nearly 9% after saying it will concentrate on renewable fuels and spend up to $10 million to advance its renewable diesel initiatives.

Crescent Point Energy (CPG) was more than 3% higher as it reported Q1 earnings of C$0.18 ($0.15) per share, compared with C$0.09 per share a year ago. Analysts polled by Capital IQ expected C$0.11 per share.