Sector Update: Energy Stocks Fall Pre-Bell Tuesday

MT newswire2026/09/29 13:28

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

09:28 AM EDT, 09/29/2026 (MT Newswires) -- Energy stocks were falling pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 1.1%. The United States Oil Fund (USO) was down 3.1% and the United States Natural Gas Fund (UNG) was 2.5% lower. Front-month US West Texas Intermediate crude oil was 2.3% lower at $90.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.9% to reach $103.29 per barrel, and natural gas futures were down 1.4% at $3.06 per 1 million British Thermal Units. Shell (SHEL) said it made a final investment decision to expand LNG Canada in Kitimat, British Columbia, doubling the facility's production capacity to 28 million tonnes per annum. Shell stock was down more than 1% premarket. SLB's (SLB) OneSubsea joint venture has been contracted to deliver subsea production systems for the first phase of the offshore Rovuma LNG project in Mozambique, the oilfield services company said. SLB shares were down more than 1% pre-bell. TC Energy (TRP) said the second phase of its Coastal GasLink pipeline project will move forward after LNG Canada and its partners reached a positive final investment decision on the facility expansion. TC Energy stock was down more than 1% premarket.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

According to Nikkei News, Saudi Arabia and the United Arab Emirates will help Asia build up its oil reserves. Despite being dependent on imports, the region has not maintained adequate supplies. Led by Japan, the Asian Zero Emission Community, comprising 11 countries, will hold a ministerial meeting in the Philippines this Thursday. Senior government officials from Saudi Arabia and the UAE will participate in special consultations and are expected to express their intention to cooperate on oil reserves. On October 11, the International Energy Forum will be held in Saudi Arabia. This forum serves as a ministerial-level dialogue between oil-producing and importing countries. Japan is expected to participate and share a cooperation framework with Asia. The outcomes of the Asian Zero Emission Community meeting will be compiled into a joint statement, which will serve as the basis for discussions between member states and Middle Eastern oil-producing countries on strengthening oil reserves. Bilateral talks will follow to finalize the details and scale of such efforts. It is expected that Saudi Arabia and the UAE will expand exports to target countries and prioritize supply in emergencies.

智通财经•2026/10/04 17:26

Saudi Arabia and the UAE plan to expand their crude oil reserves in Asia

Market dynamics indicate that Saudi Arabia and the United Arab Emirates plan to expand their crude oil reserves in Asia. This move reflects the continued optimism of these two major oil-producing countries regarding the potential demand in the Asian energy market, and it will further strengthen the stability of oil supply in the region, thereby contributing to the improvement of the regional energy security system.

智通财经•2026/10/04 17:16