Sector Update: Energy Stocks Decline Premarket Monday

MT newswire2026/10/05 13:29

09:29 AM EDT, 10/05/2026 (MT Newswires) -- Energy stocks were declining premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% lower. The United States Oil Fund (USO) was down 2.4% and the United States Natural Gas Fund (UNG) was 0.6% lower. Front-month US West Texas Intermediate crude oil was 1.9% lower at $89.36 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 0.4% to $101.82 per barrel, and natural gas futures were inactive at $3.04 per 1 million British Thermal Units. Cenovus Energy (CVE) has agreed to acquire Athabasca Oil at an implied enterprise value of 5.7 billion Canadian dollars ($4 billion), the company said. Cenovus Energy stock was down more than 1% pre-bell. ConocoPhillips (COP) is reviewing an unsolicited offer for its North Sea business, Reuters reported, citing Executive Chair Ryan Lance. ConocoPhillips shares were slightly lower premarket. Baker Hughes (BKR) stock was 0.5% higher after the company said it signed two strategic agreements to support the revitalization of Venezuela's energy infrastructure and expand oil and gas production.

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