Referenced Stocks

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

By Midnight Trader,  November 10, 2011, 11:32:27 AM EDT

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.


This article appears in: Investing, Commodities

Referenced Stocks: TOO, UNG, USO



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