Energy giants were falling in pre-bell trading Wednesday. West Texas Intermediate crude oil for July delivery was down $0.95 at $62.18 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract lost $0.56 to $71.62 per barrel and June natural gas futures were 3 cents lower at $2.58 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was down 1.52%, while the United States Natural Gas fund was 1.59% lower.
Early movers include:
(-) Sasol (SSL), which was more than 11% lower after saying the cost estimate for its Lake Charles chemical manufacturing site in Louisiana has increased to $12.6 billion to $12.9 billion, which includes a contingency of $300 million.
In other sector news:
(+) Sempra Energy (SRE) and Saudi Aramco said Wednesday they have agreed to a deal under which the Saudi company will buy liquefied natural gas from Sempra LNG and finalize a 25% equity investment in phase one of Sempra's Port Arthur LNG project in Texas. Sempra was nearly 2% higher after announcing the deal.
(=) PetroChina's (PTR) daily shale gas output at its Changning field in China's southwestern Sichuan province reached 10.06 million cubic meters, Reuters reported, citing data from parent company CNPC. PetroChina was flat after the news.
Price: 26.68, Change: -3.45, Percent Change: -11.45
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