Energy Sector Update for 11/25/2022: CVX, UGI, XLE, USO, UNG
Energy stocks were advancing premarket Friday with the Energy Select Sector SPDR (XLE) recently up 0.3%. The United States Oil Fund (USO) gained more than 1.3% and the United States Natural Gas Fund (UNG) was nearly 2% lower.
West Texas Intermediate crude oil was up 1.09% at $78.79 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 0.50% to $85.77 per barrel and natural gas futures were 2.44% lower at $7.13 per 1 million BTU.
Chevron (CVX) may get US approval soon to expand its operations in Venezuela if the country's government officials and opposition representatives resume talks, Reuters reported Wednesday, citing unnamed sources familiar with the situation. Chevron was marginally higher in recent market activity.
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