Sector Update: Energy

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Energy shares are lower with light, sweet crude topping $103 a barrel again on news that European Union governments are ready with a preliminary agreement to ban imports of Iranian crude. The Reuters report cites EU diplomats who said there's still no decision of when an embargo would start.

Lucas Energy ( LEI ) is higher after moving to acquire all of Hall Phoenix Energy's right, title and interest in certain oil, gas, and mineral leases in the Eagle Ford/Eaglebine/Austin Chalk Trend of east Texas for $6.4 million in convertible stock.

Enterprise Products Partners ( EPD ) and Genesis Energy ( GEL ) announced plans today to build a 149-mile pipline from the Lucius development area in southern Keathley Canyon of the Gulf of Mexico. Six oil producers -- Exxon Mobil ( XOM ), ENI S.p.A. ( E ), Anadarko Petroleum (APC), Plains Exploration (PXP), Apache (APA) and Petrobras (PBR) -- have signed transportation agreements for the new pipeline.



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: E , EPD , GEL , LEI , XOM

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