Energy Sector Update for 12/04/2023: TTE, EVRG, XLE, USO, UNG

Energy stocks were slipping pre-bell Monday, with the Energy Select Sector SPDR Fund (XLE) down 0.4%.

The United States Oil Fund (USO) was 0.9% lower and the United States Natural Gas Fund (UNG) was down 3.3%.

Front-month US West Texas Intermediate crude oil was down 1.3% at $73.11 per barrel at the New York Mercantile Exchange. Global benchmark North Sea crude oil lost 1.2% to reach $77.96 per barrel, and natural gas futures were 4.4% lower at $2.69 per 1 million British Thermal Units.

TotalEnergies (TTE) said it signed an investment agreement for its Mirny wind energy project with Kazakhstan's government. TotalEnergies was more than 2% lower in recent Monday premarket activity.

Evergy (EVRG) was down nearly 3% amid plans to offer $1.10 billion of convertible notes due 2027 through a private placement to qualified institutional buyers.

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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