Energy Sector Update for 03/15/2024: OBE, BTE, TRP, XLE, USO, UNG

Energy stocks were edging higher premarket Friday, with the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The United States Oil Fund (USO) was 0.2% lower and the United States Natural Gas Fund (UNG) was down more than 1%.

Front-month US West Texas Intermediate crude oil was up 0.1% at $81.31 per barrel at the New York Mercantile Exchange. Global benchmark North Sea crude oil lost 0.1% to reach $85.33 per barrel, and natural gas futures were 1% lower at $1.72 per 1 million British Thermal Units.

Obsidian Energy (OBE) was up more than 1% after saying it completed its offer to purchase up to 2 million Canadian dollars ($1.5 million) of its 11.95% senior unsecured notes due July 27, 2027.

Baytex Energy (BTE) was marginally lower after it priced a private placement of $575 million principal amount of 7.375% senior unsecured notes due 2032 at 99.266% of par value.

TC Energy (TRP) said it agreed to sell its Prince Rupert Gas Transmissions Holdings subsidiary to Nisga'a Nation and Western LNG. TC Energy was 0.5% higher in recent Friday premarket activity.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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