Energy shares are higher in mid-day trading while crude futures
pare yesterday's decline to log gains topping 1%. A rise in
equities and positive employment data accounted for much of the
gains. Light, sweet crude oil for December delivery traded up 1.22%
to $96.89 a barrel.
In energy ETFs, the United States Oil Fund (
) is up 1.35% to $37.50. The United States Natural Gas ETF (
) is down 0.77% to $8.34. Weekly employment data showed a decline
in initial jobless claims to the lowest level in seven months. In
mid-day energy news, Teekay Offshore Partners (
) said today that it will acquire the Sevan Piranema floating
production, storage and offloading (FPSO) unit from Sevan Marine
ASA for about $165 million. The FPSO unit is currently operating
under a long-term charter to Petrobras S.A., including a firm
contract period through March 2018, with up to 11 one-year
extension options, as well as cost escalation clauses.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.