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Sector Update: Energy Stocks Climb Premarket Tuesday

MT Newswires ·  10/04 21:22

09:20 AM EDT, 10/04/2022 (MT Newswires) -- Energy stocks were climbing premarket Tuesday as the Energy Select Sector SPDR (XLE) was recently gaining over 2% in value. The United States Oil Fund (USO) was up more than 2% and the United States Natural Gas Fund (UNG) was over 1% lower.

West Texas Intermediate crude oil was up by 1.84% at $85.47 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 2.10% to $90.96 per barrel and natural gas futures were 0.43% lower at $6.44 per 1 million BTU.

HF Sinclair (DINO) was up past 2% after saying it agreed to repurchase 914,411 of its shares from REH Company, a selling stockholder, for $54.68 per share, or about $50 million.

TotalEnergies (TTE) and Holcim said they have signed a memorandum of understanding to decarbonize the building materials company's cement production plant in Belgium. TotalEnergies was up more than 2% recently.

Valaris (VAL) was over 2% higher after saying it has been awarded new contracts and extensions with an associated contract backlog of $95 milion, which excludes lump sum payments, such as mobilization fees and capital reimbursements.

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