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Energy Sector Update for 05/21/2020: TNK, TK, TGP, XLE, USO, UNG

Energy firms were advancing modestly pre-bell Thursday, with the Energy Select Sector SPDR (XLE) was up 0.36%. The United States Oil Fund (USO) was more than 4% higher while the United States Natural Gas Fund (UNG) was down more than 2%. West Texas Intermediate crude oil was up $0.96 at $34.45 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $1.09 to $36.84 per barrel and natural gas futures were 5 cents lower at $1.72 per 1 million BTU.

Teekay Tankers (TNK) was advancing by more than 4% as it reported Q1 adjusted earnings of $3.27 per share, up significantly $0.44 per share for the comparable period last year. Analysts polled by Capital IQ had expected adjusted earnings of $2.91 per share.

Teekay (TK) was up more than 1% after reporting Q1 adjusted net income of $0.25 per share, compared with a loss of $0.13 for the same period last year.

Teekay LNG Partners (TGP) was 0.9% higher after it posted Q1 2020 adjusted earnings per common unit of $0.58, higher than $0.34 per common unit in Q1 2019. Analysts polled by Capital IQ had expected adjusted earnings of $0.66 per share for the most recent quarter.

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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