Energy Sector Update for 04/03/2023: BP, TA, DUK, XLE, USO, UNG

Energy stocks were rallying premarket Monday as the Energy Select Sector SPDR Fund (XLE) was recently advancing by more than 4%. The United States Oil Fund (USO) was up more than 5% and the United States Natural Gas Fund (UNG) was over 2% lower.

West Texas Intermediate crude oil was up 5.3% at $79.72 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 5.5% to $84.23 per barrel and natural gas futures were 4.1% lower at $2.13 per 1 million BTU.

TravelCenters of America (TA) said it will have a special shareholder meeting on May 10 to vote on the pending acquisition of the company by BP’s (BP) BP Products North America unit. BP was recently climbing past 4%.

Duke Energy (DUK) said it has restored service to more than 61,000 customers affected by power interruptions after severe storms tore through Indiana Friday. Duke Energy was marginally declining recently.

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