Most energy majors were climbing in Friday's pre-market trade. West Texas Intermediate crude oil for July delivery was up $1.06 at $58.97 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude July contract gained $1.16 to $68.92 per barrel and June natural gas futures were 2 cents lower at $2.56 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 1.32%, while the United States Natural Gas fund was 0.95% lower.
Early movers include:
(+) Teekay Offshore Partners (TOO), which was rallying more than 4% after it secured from unnamed commercial banks a new $450 million revolving credit facility for 16 shuttle tankers.
(=) Ultra Petroleum (UPL) was up more than 5% after it extended the early participation date and the withdrawal deadline of its previously announced private offer to 5:00 p.m. Eastern Time on May 31.
In other sector news:
(+) Total S.A (TOT) is planning to sell a third of its 16.8% stake in the Kashagan oil field in Kazakhstan as the French oil major seeks to raise $4 billion for its impending acquisition of African energy assets from Occidental Petroleum (OXY), Reuters reported, citing sources from the banking industry. Total was slightly higher after the news.
Price: 1.1500, Change: +0.05, Percent Change: +4.55
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