Sector Update: Energy

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Energy stocks are lower Monday, with the NYSE Energy Sector Index sinking more than 1.2% while shares of energy companies in the S&P 500 are down about 1.0% as a group. Crude oil for March delivery is down 25cents at $97.24 per barrel while February natural gas is down 3 cents to $4.91 per 1 million BTU.

In company news, Marathon Petroleum ( MPC ) shares declined Monday, sliding slightly more than 1% after the refining and marketing company bought a biodiesel facility in Cincinnati from Felda Iffco Sdn Bhd, a Malaysian company specializing in the production of palm oil and derivatives.

Terms of the transaction, expected to close in April, were not announced. The plant has a capacity of up to 4,100 barrels per day and is capable of making glycerin and other products in addition to biodiesel, MPC said.

After trading within a few cents of breaking even during the first half hour of the session, MPC shares have largely swung in a narrow range between $85 to $86 each, down at least 1%, recently slipping 1.4% to $85.81 a share. The stock has a 52-week range of $61.32 to $92.73 a share.

In other sector news,

(+) TRP, (+0.8%) U.S. State Department review issued late Friday concludes the proposed XL Keystone pipeline likely would have no influence the amount of oil removed from Canada's tarsands, ultimately having little potential impact on climate change.

(-) ATW, (-4.1%) Cut to Market Perform from Outperform at Raymond James.



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This article appears in: Investing , Commodities

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