Energy stocks were trading higher premarket Monday, with the Energy Select Sector SPDR (XLE) climbing past 5%. The United States Oil Fund (USO) was over 7% higher while the United States Natural Gas Fund (UNG) was up more than 4%. West Texas Intermediate crude oil was up $2.93 at $32.36 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $2.18 to $34.68 per barrel and natural gas futures were 10 cents higher at $1.75 per 1 million BTU.
Williams Companies (WMB) will discontinue its application for a $1 billion natural gas pipeline after New York State Department of Environmental Conservation declined to issue a permit for the project, Bloomberg reported. Williams Companies was over 4% higher in recent trading.
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