Sector Update: Energy Stocks Lean Lower Pre-Bell Monday

Energy stocks leaned lower pre-bell Monday as the Energy Select Sector SPDR Fund XLE recently fell by 0.04%.

The United States Oil Fund USO was up 0.2% and the United States Natural Gas Fund UNG was 4% higher.

Front-month US West Texas Intermediate crude oil was up 0.2% at $67.20 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.1% to $70.45 per barrel. Natural gas futures were 3.7% higher at $4.563 per 1 million British Thermal Units.

Veren VVRN shares rallied past 20% after the company said it signed a definitive business combination agreement with Whitecap Resources to create a light oil and condensate producer. The all-share transaction is valued at approximately $10.4 billion, inclusive of net debt.

Diversified Energy DEC, FuelCell Energy FCEL, and TESIAC said they teamed up to provide up to 360 megawatts of electricity in Virginia, West Virginia, and Kentucky to meet the growing energy needs of data centers. Diversified Energy shares were up over 1% premarket.

Petrobras PETR3 said it finalized a $283 million agreement to end a legal dispute in the US involving EIG Energy Fund XIV. Shares of Petrobras were down more than 1% pre-bell.