Energy Sector Update for 08/03/2020: MPC, MPLX, NBL, XLE, USO, UNG

Energy firms were climbing pre-bell Monday as the Energy Select Sector SPDR (XLE) was advancing by 0.50% recently. The United States Oil Fund (USO) was up 0.41% and the United States Natural Gas Fund (UNG) was more than 9% higher. West Texas Intermediate crude oil was up $0.15 at $40.42 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.23 to $43.75 per barrel and natural gas futures were 15 cents higher at $1.95 per 1 million BTU.

Marathon Petroleum (MPC) was 7% higher as it booked an adjusted net loss of $1.33 per share in Q2, reversing last year's adjusted earnings of $1.73 per share. The period's loss was lower than the average loss forecast of $1.76 per share from analysts polled by Capital IQ.

MPLX (MPLX) was gaining more than 6% after it reported Q2 earnings of $0.58 per unit, rising from $0.55 per unit a year ago. Analysts polled by Capital IQ expected, on average, net earnings of $0.30 per share, if applicable.

Noble Energy (NBL) was 0.8% lower as it reported an adjusted net loss of $0.24 per share for Q2, compared with a loss of $0.10 during the year-ago quarter. Analysts polled by Capital IQ had previously expected a loss of $0.36 a share.

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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