Energy Stocks Mostly Firmer Ahead of Open

Energy shares were mostly firmer in pre-market trade on Friday, as crude oil futures inched higher following reports of production cuts by oil-titan Saudi Arabia, which signals the kingdom’s plans to cut shipments in January,

Light, sweet crude oil for February delivery was up 0.8% at $54.21 per barrel. In other energy futures, heating oil was up 0.9% at $1.71 per gallon while natural gas was 1.2% lower at $3.23 British thermal units.

In energy ETFs, the United States Oil Fund (USO) was up 0.9% at $11.80 while the United States Natural Gas ETF (UNG) was down 1.6% at $8.13.

In other energy news, Renesola (SOL) said that it has won 13 solar utility projects in southern Poland. The projects each have a capacity of 1 megawatt, and are expected to be connected to the grid by December 2017. They will sell electricity to a local utility under a 15-year power purchase agreement.

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