Energy Sector Update for 09/05/2023: CVX, PBR, BKR, XLE, USO, UNG

Energy stocks were gaining premarket Tuesday with the Energy Select Sector SPDR Fund (XLE) advancing by 1%.

The United States Oil Fund (USO) was 1.7% higher and the United States Natural Gas Fund (UNG) was down 5.5%.

Front-month US West Texas Intermediate crude oil was up 1.6% at $86.91 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude gained 1.2% to $90.03 per barrel, and natural gas futures were 6.5% lower at $2.59 per 1 million BTU.

Chevron (CVX) workers at the Gorgon and Wheatstone liquefied natural gas projects in Australia are planning a two-week strike starting Sept. 14, the Offshore Alliance union partnership said in a Facebook post. Chevron was advancing nearly 1% pre-bell.