Sector Update: Energy Stocks Fall Premarket Monday
Energy stocks experienced a decline in premarket trading on Monday, with The Energy Select Sector SPDR Fund down 1%. The United States Oil Fund fell by 2%, and the United States Natural Gas Fund decreased by 3.1%. Crude oil prices dropped, with West Texas Intermediate at $63.07 per barrel and North Sea Brent at $66.40. Phillips 66 shares fell 0.6% amid shareholder concerns, while Petrobras' board is seeking a partner for its nitrogen fertilizer plants, with shares down 0.2%.
Energy stocks were falling premarket Monday, with The Energy Select Sector SPDR Fund down 1%.
The United States Oil Fund was down 2% and the United States Natural Gas Fund was 3.1% lower.
Front-month US West Texas Intermediate crude oil was down 2.5% at $63.07 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to reach $66.40 per barrel, and natural gas futures were 2.7% lower at $3.16 per 1 million British Thermal Units.
Phillips 66 shares were down 0.6% after the company asked shareholders to support its board nominees over those proposed by activist investor Elliott, raising concerns over potential conflicts of interest.
Petrobras' board has approved plans to look for a partner to restart operations at its nitrogen fertilizer plants in northeastern Brazil, Reuters reported, citing four sources familiar with the matter. Petrobras shares were 0.2% lower pre-bell.
