Energy Sector Update for 06/08/2022: NOG, CVX, XLE, USO, UNG

Energy stocks were advancing pre-bell Wednesday with the Energy Select Sector SPDR (XLE) recently climbing by 0.57%. The United States Oil Fund (USO) was 0.33% higher, and the United States Natural Gas Fund (UNG) was up over 1%.

West Texas Intermediate crude oil was up by 1.04% at $120.65 per barrel at the New York Mercantile Exchange. Global benchmark Brent crude gained 0.96% to $121.73 per barrel, and natural-gas futures were 0.60% higher at $9.35 per 1 million BTU.

Northern Oil & Gas (NOG) was more than 3% higher after saying it acquired assets in the Williston Basin for $170 million in cash from an unidentified private party.

Chevron (CVX) said its Chevron Munaigas unit has partnered with JSC NC KazMunayGas to study potential lower carbon opportunities in Kazakhstan. Chevron was marginally advancing 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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