Sector Update: Energy Shares Advance as Crude Futures Near $89 a Barrel; GE Gets Oil Services Contract in Saudi Arabia


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NYMEX Benchmark Crude January: +$0.24 (+0.27%) to $88.80

Top Energy Stocks

XOM: +0.1%

CVX: +0.6%

COP: +0.5%

SLB: -0.4%

OXY: +0.7%

Energy shares are higher in mid-day trading as crude oil futures near $89 a barrel and General Electric ( GE ) wins a $500 million oilfield services contract.

Crude oil for January delivery is trading up $0.24, or 0.27%, at $88.80 a barrel. In other energy futures, heating oil is up 0.39% to $2.47 a gallon while natural gas fell 3.14%, to $4.28 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.55% to $38.10. The United States Natural Gas ETF ( UNG ) is down 2.73% to $5.89.

The U.S Dollar Index (DXY) is down 0.06% to $79.24.

In mid-day energy sector news, shares of General Electric are higher as the company won a $500 million in a services and equipment contract from Saudi Aramco in a project that will increase oil production from that country's Shaybah oil deposit, the company said in a statement.

The contract will allow the capacity from the deposit to be boosted by 1 million of barrels a day.

General Electric shares are up $0.06, or 0.34%, to $17.68.

Meanwhile, shares of Yingli Green Energy ( YGE ) are higher in the regular session after the company announced before the market opened that it has entered into a three-year sales contract with S.A.G. Solarstrom AG, a manufacturer, independent developer and system integrator in the solar power and solar investment market in Europe.

Yingli Green shares are up 0.68%, or $0.07, to $10.36.

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

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

This article appears in: Investing , Commodities
More Headlines for: GE , UNG , USO , YGE

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