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Energy Sector Update for 05/18/2020: TOT, OXY, WMB, XLE, USO, UNG

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.

Total (TOT) was gaining over 8% in value after saying it decided to suspend plans to acquire Occidental Petroleum’s (OXY) assets in Ghana. Occidental Petroleum was up more than 6% recently.

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.

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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