Energy Sector Update for 01/25/2023: BORR, HESM, WDS, XLE, USO, UNG

Energy stocks were leaning lower premarket Wednesday with the Energy Select Sector SPDR Fund (XLE) declining by 0.38% recently. The United States Oil Fund (USO) was 0.17% higher, and the United States Natural Gas Fund (UNG) was down more than 3%.

West Texas Intermediate crude oil was down 0.09% at $80.06 per barrel at the New York Mercantile Exchange. Global benchmark Brent crude lost 0.12% to $86.03 per barrel, and natural-gas futures were 4.76% lower at $3.10 per 1 million BTU.

Borr Drilling (BORR) is raising its 2022 revenue guidance to a range of between $435 million to $450 million, from its prior outlook of $375 million to $400 million. Four analysts surveyed by Capital IQ expect $429.6 million. Borr Drilling was recently shedding over 3% in value.