Sector Update: Energy Shares In Positive Territory Ahead of the Close; Crude Closes Above $100 a Barrel

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NYMEX Benchmark Crude July: (-1.1%) to $100.23

Top Energy Stocks

XOM: +0.6%

CVX: +0.5%

COP: +0.9%

SLB: +1.4%

OXY: +1.2%

Energy shares are higher in late trading while crude oil futures were unable to find legs into the close of trading. The July contract closed above $100 a barrel.

Light, sweet crude oil for July delivery finished down 1.1% to $100.23 a barrel. In other energy futures, heating oil was up 0.52% to $2.99 a gallon while natural gas was down 1.6% to $4.30 per million British thermal units.

In energy ETFs, the United States Oil Fund (USO) is down 0.95% to $39.55. The United States Natural Gas ETF (UNG) is down 1.25% at $11.08.

In late-session energy news, Devon Energy ( DVN ) today reported that its Cana gas processing plant in Canadian County, Okla, sustained significant damage from a tornado on May 24.

About 36 million cubic feet of natural gas and 2,000 barrels of natural gas liquids per day, net to DVN's interest, are curtailed as a result of the plant outage,the company said.

However, the company has stated that it continues to produce about 100 million cubic feet per day of natural gas and 5,000 barrels of natural gas liquids per day from the Cana field. DVN said that it expects that the impact on its full-year production will be less than one half of one percent.

Shares are down 0.7% to $82.54.

Also, CH Energy Group ( CHG ) announced that its subsidiary, Central Hudson Enterprises, has signed an agreement with Duke Energy Renewables, a commercial business unit of Duke Energy ( DUK ), to sell the Shirley Wind Farm facility in Glenmore, Wisc. Financial terms were not disclosed.

According to the company, divesting the wind farm is part of its new strategic direction announced late last year to focus on its core energy delivery businesses.

The wind energy project was acquired by CHG in 2009, and commercial operation was achieved in 2010. The closing, subject to certain conditions, is expected in July 2011.

Shares are up 0.94% to $52.71.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: CHG , DUK , DVN

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