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Energy Sector Update for 06/22/2020: E, PACD, XLE, USO, UNG

Energy stocks were retreating pre-bell Monday as the Energy Select Sector SPDR (XLE) was down over 1% in recent trading. The United States Oil Fund (USO) was up 0.21% and the United States Natural Gas Fund (UNG) was up 0.3%. West Texas Intermediate crude oil was down $0.21 at $39.54 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude was up $0.18 to $42.12 per barrel and natural gas futures were up 1 cent at $1.68 per 1 million British Thermal Units.

Eni (E) is said to be considering exiting its oil exploration and production assets in Pakistan, due to a decline in profit margins linked to fluctuating oil prices since the outbreak of coronavirus, according to media reports over the weekend. Eni was marginally lower recently.

Pacific Drilling (PACD) said in a regulatory filing that James Harris will resign from his roles as senior vice president and chief financial officer on Sept. 14. Pacific Drilling was down more than 4% recently.

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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