Sector Update: Energy Shares Higher in Late Trading; Crude Tops $99 a Barrel

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NYMEX Benchmark Crude July: (+2.1%) to $99.37

Top Energy Stocks

XOM: +1.8%

CVX: +2.0%

COP: +2.1%

SLB: +2.5%

OXY: 2.9%

Energy shares are higher as the last hour of the regular session gets underway and crude oil futures gain over 2%, helped in part, by mixed economic data.

The Commerce Department released data this morning showing US retail sales fell 0.2% last month to $387.1 billion, according to the Commerce Department this morning. The data showed the first decline after 11 straight months of gains. But figures still topped economists' call for total sales to fall 0.7% in May, according to a MarketWatch. Without a 2.9% drop in motor vehicle sales, retail sales increased 0.3%.

Light, sweet crude oil for July delivery finished up 2.1% to $99.37 a barrel. In other energy futures, heating oil was up 0.27% to $3.11 a gallon while natural gas was down 1.61% to $4.57 per million British thermal units.

In energy ETFs, the United States Oil Fund (USO) is up 2.3% to $39.14. The United States Natural Gas ETF (UNG) is down 1.19% at $11.64.

In late-session energy news, BreitBurn Energy Partners ( BBEP ), an independent oil and gas partnership, today announced signing a definitive agreement towards the acquisition of oil properties in Niobrara County, Wyoming for $58.1 mln subject to customary closing conditions and purchase price adjustments from the effective date of July 1.

Said assets have a production profile of 500 Boe/day of 100% oil. The acquisition is anticipated to conclude by Q3 of 2011.

BreitBurn Energy Partners shares are up 2.4% to $20.69.

Meanwhile, Cloud Peak Energy ( CLD ), a U.S. coal producer, today, announced an agreement with Westshore Terminals LP to permit coal shipments through the Westshore Terminal in Vancouver, BC for ten years. CLD exported 3.3 mln tons to Asian customers in 2010 through the terminal.

The contract will commence in 2013 once the current contract ends, pending a definitive agreement between the parties.

CLD shares are up 5.0% to $20.49 on the NYSE.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: BBEP , CLD

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