Energy

Energy Sector Update for 07/20/2020: NBL, HAL, CEO, XLE, USO, UNG

Energy stocks were flat to lower premarket Monday with the Energy Select Sector SPDR (XLE) flat in recent trading. The United States Oil Fund (USO) was 0.58% lower and the United States Natural Gas Fund (UNG) was down more than 1%.

The West Texas Intermediate crude oil was down $0.26 to $40.33 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.30 to $42.84 per barrel and the natural gas futures were 2 cents lower at $1.70 per 1 million BTU.

Noble Energy (NBL) was gaining more than 9% after Chevron (CVX) said it plans to acquire the hydrocarbon exploration company in an all-stock transaction that values Noble Energy at $5 billion. Chevron was marginally higher recently.

Halliburton (HAL) also rose more than 5% after posting Q2 adjusted earnings Monday of $0.05 per diluted share, down from $0.31 a year ago. That result topped the average forecast of a loss of $0.12 per share from analysts polled by Capital IQ.

In other sector news, CNOOC (CEO) said it has started production at the Luda 21-2/16-3 regional development project located in Liaodong Bay of China's Bohai Sea. Shares of the company were flat during premarket trading.

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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