Energy Sector Update for 01/24/2023: HPK, HAL, MTDR, XLE, USO, UNG

Energy stocks were declining pre-bell Tuesday with the Energy Select Sector SPDR Fund (XLE) slipping by 0.13% recently. The United States Oil Fund (USO) was 0.18% higher, and the United States Natural Gas Fund (UNG) was down more than 2%.

West Texas Intermediate crude oil was up 0.29% at $81.86 per barrel at the New York Mercantile Exchange. Global benchmark Brent crude gained 0.16% to $88.33 per barrel, and natural-gas futures were 0.67% lower at $3.42 per 1 million BTU.

HighPeak Energy (HPK) was rallying past 13% after saying its board has decided to launch a process to assess strategic alternatives to increase shareholder value, including a potential sale.