Financial Wire

Sector Update: Energy Stocks Advance Premarket Monday

-- Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% higher.

The United States Oil Fund (USO) was up 3.9% and The United States Natural Gas Fund (UNG) was 0.3% higher.

Front-month US West Texas Intermediate crude oil was 5.8% higher at $88.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $94.95 per barrel, and natural gas futures were up 1.6% at $2.72 per 1 million British Thermal Units.

Eni (E) shares were up 0.7% after the company said it has made a gas discovery in the Kutei Basin off the coast of Indonesia.

Phillips 66 (PSX) and Kinder Morgan (KMI) said they are advancing the proposed Western Gateway Pipeline after a successful second open season secured sufficient long-term shipper commitments, subject to final approvals. Phillips 66 stock was up more than 1% premarket.

Sable Offshore (SOC) shares were up more than 3% after the company said capital expenditure across its assets is expected to be around $180 million from April through December this year.

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