Energy

Energy Sector Update for 05/17/2022: IMPP, NGS, BP, XLE, USO, UNG

Energy stocks were gaining pre-bell Tuesday as the Energy Select Sector SPDR (XLE) was recently climbing past 1%. The United States Oil Fund (USO) was 0.1% higher and the United States Natural Gas Fund (UNG) was up more than 2%.

West Texas Intermediate crude oil was up by $0.04 at $114.24 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.26 to $114.50 per barrel and natural gas futures were $0.28 higher at $8.24 per 1 million BTU.

Imperial Petroleum (IMPP) shares were plummeting more than 44% after it priced an underwritten public offering of 72,727,272 units at $0.55 per unit, with expected gross proceeds of approximately $40 million.

Natural Gas Services Group (NGS) said Stephen Taylor has retired as president and chief executive of the company. Natural Gas Services shares were recently advancing past 10%.

BP (BP) and chemicals company Linde announced a collaboration to capture and store carbon dioxide and produce low-carbon hydrogen in Texas. BP shares were climbing more than 2% recently.

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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