Energy Sector Update for 07/17/2020: AUMN, UUUU, WES, XLE, USO, UNG

Energy stocks were mostly down during premarket Friday. The Energy Select Sector SPDR (XLE) added 0.6%. The United States Natural Oil Fund (USO) was down 0.3% and the United States Gas Fund (UNG) also retreated almost 1%.

The West Texas Intermediate crude oil lost $0.15 to $40.60 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude was $0.21 lower to $43.16 per barrel and the natural gas futures lost 2 cents to $1.71 per 1 million BTU.

Stocks moving on the news include Golden Minerals Company (AUMN), which gained more than 5%. The company said it has signed a letter of intent with Fabled Copper for a transaction that, if executed, would grant Fabled the option to acquire a 100% interest in Golden Minerals' Santa Maria silver-gold project in Chihuahua State, Mexico.

Western Midstream Partners (WES) gained more than 3%. On Thursday, it declared a quarterly cash distribution of $0.311 per unit for Q2, unchanged from the previous payout. The latest distribution will be paid on Aug. 13 to unitholders of record on July 31.

Energy Fuels Inc (UUUU) added more than 2% after announcing Friday it has redeemed C$10.4 million ($7.7 million) of its floating rate convertible subordinated debentures due Dec. 31, 2020.

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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