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Energy Sector Update for 08/10/2020: PARR, TGS, CNQ, XLE, USO, UNG

Energy stocks were higher in Monday pre-bell trading as the Energy Select Sector SPDR (XLE) ETF was recently advancing by 0.48%. The United States Oil Fund (USO) was 0.84% higher and the United States Natural Gas Fund (UNG) was more than 1% lower. West Texas Intermediate crude oil was up $0.52 at $41.74 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.39 to $44.79 per barrel and natural gas futures were 2 cents lower at $2.22 per 1 million BTU.

Par Pacific Holdings (PARR) was unchanged after it reported a Q2 adjusted loss of $1.70, compared with earnings of $0.44 a year earlier. Analysts had expected a loss of $1.59 per share.

Transportadora de Gas del Sur (TGS) reported a Q2 EPS of 2.28 Argentine pesos ($0.031), compared with EPS of 7.47 pesos in the year-ago quarter, according to an 8-K filing on Friday. The company was flat in recent trading.

Canadian Natural Resources (CNQ) was marginally higher as it agreed to buy Painted Pony Energy Ltd. for CAD0.69 ($0.52) per share. The company also agreed to assume Painted Pony’s total debt of about CAD350 million ($261.6 million).

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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