Energy
PBR

Energy Sector Update for 10/21/2021: PBR, XOM, VLO, XLE, USO, UNG

Energy stocks were slipping in Thursday's premarket trading as the Energy Select Sector SPDR (XLE) was recently declining by 0.53%. The United States Oil Fund (USO) was down 0.77% and the United States Natural Gas Fund (UNG) was 1.4% lower.

West Texas Intermediate crude oil was down $0.45 at $82.97 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.71 to $85.11 per barrel and natural gas futures were 9 cents lower at $5.08 per 1 million BTU.

Petroleo Brasileiro, or Petrobras (PBR), was retreating by more than 4% after it reported Q3 production of 2,830 thousand barrels of oil equivalent per day, down from 2,952 kboed a year earlier.

Exxon Mobil's (XOM) board is mulling whether to continue with several major oil and gas projects as the oil giant reconsiders its investment strategy, the Wall Street Journal reported, citing people familiar with the matter. Exxon Mobil was slightly lower in recent trading.

Valero Energy (VLO) was up nearly 1% as it reported Q3 adjusted earnings per share of $1.22, compared with adjusted net loss per share of $1.16 a year earlier. Analysts surveyed by Capital IQ called for an adjusted EPS of $0.92.

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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