Energy stocks were retreating premarket Tuesday, with the Energy Select Sector SPDR (XLE) recently down by 0.25%. The United States Oil Fund (USO) was down more than 0.8% and the United States Natural Gas Fund (UNG) was 1.25% lower. West Texas Intermediate crude oil was down $0.70 at $40.31 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.27 to $43.61 per barrel and natural gas futures were 0.7 cent lower at $2.108 per 1 million British Thermal Units.
BP (BP) was advancing by more than 5% even after it swung to a loss in the second quarter as the COVID-19 pandemic decimated global demand for domestic and international travel. The company said a planned cut of 10,000 jobs will help lower annual costs while cutting its dividend in half.
Black Stone Minerals (BSM) was over 4% lower as it booked a Q2 net loss of $0.07 per common unit, down from net income of $0.44 per unit a year earlier. Analysts polled by Capital IQ had expected net earnings of $0.17 per share.
Continental Resources (CLR) was slipping past 3.6% as it fell to a Q2 adjusted loss of $0.71 per share from earnings of $0.59 per share in the prior-year period. Analysts polled by Capital IQ expected an adjusted loss of $0.62 per share.
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