Energy Sector Update for 05/03/2024: TRP, LNG, PAA, XLE, USO, UNG

Energy stocks were edging higher premarket Friday, with the Energy Select Sector SPDR Fund (XLE) recently advancing by 0.4%.

The United States Oil Fund (USO) was 0.1% lower, and the United States Natural Gas Fund (UNG) was up 1.4%.

Front-month US West Texas Intermediate crude oil was up 0.1% at $79.06 per barrel at the New York Mercantile Exchange. Global benchmark Brent gained 0.2% to $83.85 per barrel, and natural-gas futures were down 0.1% at $2.03 per 1 million BTU.

TC Energy (TRP) was up almost 3% after it reported higher Q1 comparable earnings and revenue.

Cheniere Energy (LNG) was over 1% higher even after it reported lower Q1 earnings and revenue.

Plains All American Pipeline (PAA) was up 0.8% after it reported Q1 adjusted net income that topped market expectations.

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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