Energy Stocks Lag as Crude Prices Hold Steady

Oil and energy stocks started the day lower in premarket trading on Tuesday. The sector's early tone was subdued, with State Street's Energy Select Sector SPDR Fund slipping 0.2% and the United States Oil Fund also falling 0.2%. Crude oil prices barely moved, with front-month West Texas Intermediate (WTI) down 0.1% to $82.06 a barrel and Brent down 0.1% to $87.64.

A few company-specific moves stood out from the rest. Venture Global, an LNG exporter, slid more than 4% after missing its second-quarter revenue expectations. On the other hand, Flowco saw its shares rise by over 2% after reporting stronger second-quarter earnings and sales.

Baker Hughes, a US oilfield-services firm, announced a multiyear contract with Kuwait Oil Co. to support technology upgrades in Kuwait's upstream business. This news nudged Baker Hughes' shares up 0.1% premarket.