Energy Sector Update for 01/20/2023: SLB, TTE, XLE, USO, UNG

Energy stocks were gaining premarket Friday, with the Energy Select Sector SPDR Fund (XLE) up 0.1%. The United States Oil Fund (USO) was 0.2% higher and the United States Natural Gas Fund (UNG) was up more than 2%.

West Texas Intermediate crude oil was up 0.4% at $80.65 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 0.6% to $86.71 per barrel and natural gas futures were 0.7% higher at $3.30 per 1 million BTU.

Schlumberger (SLB) was advancing by nearly 1% after it reported Q4 adjusted earnings of $0.71 per diluted share, up from $0.41 a year earlier. Analysts polled by Capital IQ expected adjusted EPS of $0.68.