Energy Stocks Reverse Earlier Losses as Crude Oil Again Presses Near $80 a Barrel


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Energy stocks have reversed their earlier losses, with the NYSE Energy Sector Index now up around 0.40% and the S&P Energy Index climbing around 0.7%. Crude oil is ahead over 2% at close to US$80 a barrel.

In company news, U.S. Energy Corp. ( USEG ) is now up nearly 10% after announcing initial production rate for its newest well in the Williston Basin of North Dakota produced a flow-back rate of 4,182 barrels of oil equivalent per day and 4,473 million cubic feet of natural gas over a 24-hour period earlier this week.

USEG has a 3.64% working interest and and a 2.91% net revenue interest in the well. The company and Statoil ASA ( STO ), its partner in the Rough Rider program in North Dakota, plan to drill two more well in Q4.

STO shares are little changed.

Also today, Russian oil and gas giant NK Rosneft' OAO reportedly is talking with Exxon Mobil Corp. ( XOM ) about possibly teaming up with the American company to tap Iraq's 8.7 billion barrel West Qurna-1 oilfield.

Sources told Reuters the talks could conclude within a month. Neither company responded to requests for comment by the news organization.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: STO , USEG , XOM

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