Energy Sector Update for 07/15/2020: NEXT, STNG, VNOM, XLE, USO, UNG

Most energy stocks were trading higher pre-bell Wednesday as the Energy Select Sector SPDR (XLE) was recently gaining more than 2% in value. The United States Oil Fund (USO) was marginally lower and the United States Natural Gas Fund (UNG) was up 0.88%. West Texas Intermediate crude oil was up $0.06 at $40.35 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.06 to $42.96 per barrel and natural gas futures were 2 cents higher at $1.77 per 1 million BTU.

NextDecade (NEXT) was surging past 36% after saying it has amended the design of its Rio Grande LNG project to cut total carbon dioxide equivalent emissions by 21%.

Scorpio Tankers (STNG) was more than 4% higher after saying Scorpio Services Holdings, a related party, has acquired 100,000 of its shares in the open market at an average price of $12.83 per share.

Viper Energy Partners (VNOM) was gaining more than 2%. The company Wednesday reported Q2 average production of 24,508 barrels of oil equivalent per day, lower than the Q1 average production of 27,575 boe/d.

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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