Sector Update: Energy Stocks Rally Premarket Wednesday

Energy stocks were rallying premarket Wednesday with the Energy Select Sector SPDR Fund XLE recently climbing nearly 2%. The United States Oil Fund USO and the United States Natural Gas Fund UNG were up nearly 3%.

Front-month US West Texas Intermediate crude oil was up 2.1% at $77.85 per barrel at the New York Mercantile Exchange. The global benchmark North Sea Brent crude gained 2.0% to $81.62 per barrel. Natural gas futures were 3.0% higher at $5.487 per 1 million British Thermal Units.

TotalEnergies TTE said its joint venture with Eni E made a new gas discovery at a well located offshore Cyprus. TotalEnergies was recently up nearly 3% while Eni was also up nearly 3%.

Phillips 66 PSX has agreed to sell the Belle Chasse Terminal facility, located in Plaquemines Parish, Louisiana, to Harvest Midstream, the privately held midstream services company said. Phillips 66 was recently up 1.7%.

Petroleo Brasileiro PBR, also known as Petrobras, reported the start of production of the P-71 platform vessel, which has been installed in the Itapu field in the Santos Basin pre-salt area. Petrobras was up 1.1% in recent premarket activity.