NYMEX Benchmark Crude March: -$0.77 (-0.9%) to $84.81
Top Energy Stocks
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 (
) is down 0.46% to $35.88. The United States Natural Gas ETF (
) is up 0.47% to $5.33.
In late-session energy news, China Sunergy (
) 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 upÃÂ 2.7% to $4.57.
Meanwhile, Seahawk Drilling (
) 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 (
) 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.