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Sector Update: Energy Stocks Rally Pre-Bell Wednesday

MT Newswires ·  {{timeTz}}

09:21 AM EDT, 09/21/2022 (MT Newswires) -- Energy stocks were rallying pre-bell Wednesday with the Energy Select Sector SPDR (XLE) recently climbing past 1%. The United States Oil Fund (USO) was up more than 1% and the United States Natural Gas Fund (UNG) was over 2% higher.

West Texas Intermediate crude oil was up by 1.37% at $85.09 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 1.50% to $91.98 per barrel and natural gas futures were 2.57% higher at $7.92 per 1 million BTU.

Stabilis Solutions (SLNG) was gaining over 20% in value after saying it received approval from the US Department of Energy to export up to the equivalent of 51.75 billion cubic feet per year of domestically produced liquefied natural gas.

Schlumberger (SLB) was up more than 1% after it commercially launched its Schlumberger Enterprise Data Solution offering, which will allow customers to integrate subsurface data with technologies and workflows from multiple vendors.

Magnolia Oil & Gas (MGY) said it has named Christopher Stavros as president and chief executive officer of the company, effective immediately. Magnolia Oil & Gas was recently inactive.

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