Sector Update: Energy Shares Rise Despite Oil Losing Ground, Crude Closes Below $85 a Barrel

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NYMEX Benchmark Crude March: -$0.77 (-0.9%) to $84.81

Top Energy Stocks

XOM: +2.7%

CVX: +1.5%

COP: +3.1%

SLB: +2.1%

OXY: +1.2%

Energy shares are higher despite crude oil futures dropping below $85 a barrel by the close of commodities trading.

Light, sweet crude oil for March delivery finished down $0.77, or 0.9%, to $84.81 a barrel. In other energy futures, heating oil was up 1.85% to $2.74 a gallon while natural gas was up 0.46% to $3.92 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.46% to $35.88. The United States Natural Gas ETF ( UNG ) is up 0.47% to $5.33.

In late-session energy news, China Sunergy ( CSUN ) is up after it said it entered into a long-term wafer supply agreement with GCL-Poly Energy Holdings Ltd.

Under the terms of the agreement, GCL-Poly will supply China Sunergy with an aggregate of approximately 4,400 MW of wafers over six years. Delivery of wafers will commence in February 2011 for completion in December 2016. The agreement also contains a clause for a price adjustment mechanism based on wafer market price.

China Sunergy shares are up 2.7% to $4.57.

Meanwhile, Seahawk Drilling ( HAWK ) is sharply lower after it said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to Hercules Offshore ( HERO ) for $105 million.

Hercules Offshore plans to buy Seahawk's assets with 22.3 million shares of its stock, $25 million in cash to retire Seahawk debt and additional cash for working capital. The sale is seen closing in Q2.

Seahawk shares are down 42.05% to $4.56. Hercules shares are up 16.85% to $4.23.



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.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: CSUN , HAWK , HERO , UNG , USO

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