Sector Update: Energy

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Energy shares are gaining as crude oil futures jump nearly 2% on concern over renewed unrest in Iran. Light, sweet crude oil for April delivery is trading up $1.94, or 1.99%, to $98.92 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 1.79% to $39.89. The United States Natural Gas ETF ( UNG ) is down 3.71% to $5.19. In mid-day news, Noble Energy, Inc. ( NBL ) has received an approved permit to resume drilling at the Santiago prospect in the deepwater Gulf of Mexico. Well operations were suspended in June 2010 as a result of the deepwater Gulf of Mexico drilling moratorium. Santiago is a middle Miocene amplitude prospect on Mississippi Canyon Block 519. Noble Energy is the operator with a 23.25 percent working interest.



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This article appears in: Investing , Commodities

Referenced Stocks: NBL , UNG , USO

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