Top Energy Stocks:
Energy majors were rallying pre-market Tuesday. West Texas Intermediate crude oil for October delivery was up $0.63 at $58.48 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude November contract gained $0.70 to $63.29 per barrel and October natural gas futures were 6 cents higher at $2.64 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.41%, while the United States Natural Gas fund was 0.31% higher.
In other sector news:
(=) Suncor Energy (SU) was flat after it unveiled its plan to invest 1.4 billion Canadian dollars ($1.06 billion) in low-carbon power cogeneration early on Tuesday in a move that will help grow incremental free funds flow by 2 billion Canadian dollars ($1.52 billion) while cutting greenhouse gas emissions.
(+) Callon Petroleum (CPE) was slightly higher after it defended its $3.2 billion plan to acquire Carrizo Oil & Gas (CRZO) after hedge fund Paulson & Co. said the company should abandon the deal and put itself up for sale.
(+) Exxon Mobil (XOM) is in talks with Repsol about the potential sale of deepwater assets in the Gulf of Mexico to the Spanish oil producer, Reuters reported. Repsol is offering $1 billion for the assets, although the other terms of the proposed deal were kept confidential, Reuters said. Exxon Mobil was advancing in recent trading.
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