Referenced Stocks

Sector Update: Energy Shares Higher in Late Trading; Crude Futures Surge, Top $84 a Barrel

By Midnight Trader,  September 27, 2011, 03:15:14 PM EDT

NYMEX Benchmark Crude November: (+5.3%) to $84.45

Top Energy Stocks

XOM: +3.4%

CVX: +4.0%

COP: +2.0%

SLB: +2.8%

OXY: +4.9%

Energy shares are higher in late-session trading as crude futures surge to top $84 a barrel - a sharp contrast to its close below $80 two days ago.

Light, sweet crude oil for November delivery finished up 5.3% to $84.45 a barrel. In other energy futures, heating oil was up 2.9% to $2.87 a gallon while natural gas was up 0.58% to $3.80 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 4.04% to $32.74. The United States Natural Gas ETF ( UNG ) is up 0.74% to $9.51.

In late-session energy news, shares of Exxon Mobil ( XOM ) are higher as the U.S. oil major said it will be able to book oil and gas reserves it finds in the Black Sea and in the Arctic through its venture with OAO Rosneft.

The booking can occur even though Rosneft owns the licenses, Bloomberg reported on the matter.

Exxon Mobil shares are up 3.12%, or $2.24, to $73.96.

Meanwhile, shares of ConocoPhillips ( COP ) are higher as the U.S. oil major said it is looking for a buyer for its 185,000 barrel-per-day refinery in Trainer, Pa., and associated pipelines and terminals. ConocoPhillips will immediately begin the process of idling the facility and will permanently close the plant in six months if a sales transaction is unsuccessful.

The company expects to recognize a non-cash asset impairment of approximately $300 million after tax in its Q3 financial results.

COP shares are up 1.92%, or $1.23, to $65.36.




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: COP, UNG, USO, XOM



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