Sector Update: Energy Shares Firmer; Crude Jumps 1%


NYMEX Benchmark Crude August: (+1.0%) to $96.65

Top Energy Stocks

XOM: +0.6%

CVX: +1.3%

COP: +1.4%

SLB: +2.1%

OXY: +1.4%

Energy shares are firm as crude oil futures jump to top $96 a barrel, while the broader market holds the line in positive territory.

Light, sweet crude for August delivery traded up 1% to $96.65 a barrel. In other energy futures, heating oil is up 0.88% to $3.11 a gallon while natural gas is down 3.06% to $4.51 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 1.04% to $37.94. The United States Natural Gas ETF ( UNG ) is up 2.44% at $11.32.

In mid-day news, Lucas Energy, Inc. ( LEI ) is up more than 7% to $2.92 today after the company announced that it had had gross production in May of nearly 8,000 bbls of oil and more than 4.6 MMCF of natural gas.

Lucas is anticipating increasing operated gross production this year due to a new drilling program that includes the Rainey Unit No.1H well currently drilling as a new horizontal well in the Austin Chalk formation.

The company is planning at least three new Austin Chalk horizontal wells, and three new Austin Chalk laterals from old well bores. The outside operated Eagle Ford program is anticipated to add another two to three wells.

Meanwhile, Jefferies reportedly upgraded Transocean ( RIG ) to "buy" from "hold."

The firm based the upgrade on signs of improvement in the offshore drilling cycle and a modest pricing recovery.

Price target is raised to $80 from $79.

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: LEI , RIG , UNG , USO

MT Newswires

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