Energy stocks advanced premarket Friday as the Energy Select Sector SPDR Fund (XLE) rose by 0.3% recently.
The United States Oil Fund (USO) was down 1.3% and the United States Natural Gas Fund (UNG) was 2.4% lower.
Front-month US West Texas Intermediate crude oil was down 0.6% at $59.70 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell by 0.5% to $62.99 per barrel. Natural gas futures were 2.2% lower at $3.478 per 1 million British Thermal Units.
Chevron's (CVX) operations in Venezuela are facing disruptions after state oil company PDVSA canceled several authorizations it had granted to the US-based company to load and export Venezuelan crude, Reuters reported, citing three sources with knowledge of the decision. Shares of Chevron were 0.1% higher pre-bell.
BP (BP) shares were up 0.2% after the company said it expects upstream volumes to decline in Q1, with slight growth in oil offset by lower gas and low-carbon output due to recently completed asset sales in Egypt and Trinidad.
Montauk Renewables (MNTK) said it started construction earlier this week on a new renewable natural gas project at the American Environmental Landfill facility in Tulsa, Oklahoma. Shares of Montauk Renewables fell by 2.8% pre-bell.
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