Sector Update: Energy Shares Gain in Late Trading; Crude Oil Futures Close Atop $102 a Barrel

By Staff,

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NYMEX Benchmark Crude July: (+2.1%) to $102.70

Top Energy Stocks

XOM: +0.6%

CVX: +0.8%

COP: +0.5%

SLB: +1.0%

OXY: +1.1%

Energy shares are higher in late trading as crude oil futures managed to close well above $102 a barrel. Heating oil and natural gas were also higher.

Light, sweet crude oil for July delivery finished up 2.1% to $102.70 a barrel. In other energy futures, heating oil was up 1.7% to $3.04 a gallon while natural gas was up 2.63% to $4.63 per million British thermal units.

In energy ETFs, the United States Oil Fund (USO) is up 1.91% to $40.47. The United States Natural Gas ETF (UNG) is up 2.95% at $11.82.

In late-session energy news, Magellan Petroleum ( MPET ) is sharply lower after it said it will not complete the Evans Shoal transaction because of concerns regarding recent substantial modifications to the Evans Shoal work program.

Magellan Petroleum is down 12.57% to $1.60.

Meanwhile, FuelCell Energy ( FCEL ) have risen nearly a third of its value after it received a $129 mln order for 70 megawatts of fuel cell kits from South Korea's POSCO Power, it's largest order ever, according to a Reuters report.

The company said it will deliver said kits every month for two years starting this October to POSCO Power, with 40% of the contract value to be paid in the same month as well.

FCEL shares are up 30.8%, or $0.45, to $1.91.

Also, Noble Energy ( NBL ) shares are higher as the company announced Tuesday that it has made a new discovery at the Santiago exploration prospect in the deepwater Gulf of Mexico. The well, located in 6,500 feet of water on Mississippi Canyon Block 519, was drilled to a total depth of approximately 18,920 feet.

Open-hole logging identified approximately 60 feet of oil pay in a high-quality Miocene reservoir. NBL is the operator at Santiago with a 23.25% working interest.

Noble shares are up 0.67% to $93.01.

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
Referenced Stocks: FCEL , MPET , NBL

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