Sector Update: Energy Shares Gain at Mid-Session; Crude Firms Over 1%


NYMEX Benchmark Crude December: (+1.22%) to $96.89

Top Energy Stocks

XOM: +0.9%

CVX: +0.4%

COP: +0.7%

SLB: +0.9%

OXY: +1.1%

Energy shares are higher in mid-day trading while crude futures pare yesterday's decline to log gains topping 1%. A rise in equities and positive employment data accounted for much of the gains.

Light, sweet crude oil for December delivery traded up 1.22% to $96.89 a barrel. In other energy futures, heating oil was up 0.94% to $3.12 a gallon while natural gas was down 0.74% to $3.62 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 1.35% to $37.50. The United States Natural Gas ETF ( UNG ) is down 0.77% to $8.34.

Weekly employment data showed a decline in initial jobless claims to the lowest level in seven months.

In weekly unemployment data, the U.S. Department of Labor said initial jobless claims fell by 10,000 to a seasonally adjusted 390,000 in the week ended Nov. 5, below the 398,000 forecast in a MarketWatch-compiled economist poll and the lowest level since April 2.

In mid-day energy news, Teekay Offshore Partners ( TOO ) said today that it will acquire the Sevan Piranema floating production, storage and offloading (FPSO) unit from Sevan Marine ASA for about $165 million. The FPSO unit is currently operating under a long-term charter to Petrobras S.A., including a firm contract period through March 2018, with up to 11 one-year extension options, as well as cost escalation clauses.

The acquisition is expected to close in the fourth quarter of 2011.

Shares are up 0.57% to $26.54.

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: TOO , UNG , USO

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