Energy Stocks Still Higher; Crude Slips After U.S. Said to Table Keystone Pipeline

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Energy shares are mostly higher. The Obama administration rejected TransCanada Corp.'s ( TRP ) Keystone XL pipeline, Bloomberg News reports, citing two people familiar with the matter. The decision will be announced later today or tomorrow with the administration letting TransCanada submit a new application for an alternate pipeline route, said another person familiar with the administration's plans.

The NYSE Energy Sector Index is up 0.6% this afternoon.

Light, sweet crude oil for February delivery is trading 24 cents lower at $100.53 a barrel, after trading slightly higher most of the morning. In other energy futures, heating oil is up $0.03 at $3.01 a gallon while natural gas is down $1.2 cents at $2.47 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.62% at $38.55. The United States Natural Gas ETF ( UNG ) is also is 0.2% at $5.36.

In company news, Hess ( HES ) is up about 1% after saying it expects to take a $525 million after-tax charge against its Q4 earnings following the upcoming closure of its HOVENSA refinery in St. Croix, U.S. Virgin Islands. The refinery is a joint venture between the company and Petroleos de Venezuela S.A. HES said the facility lost a total $1.3 billion over the past three years.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: HES , TRP , UNG , USO

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