Sector Update: Energy

By Staff,

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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 ( USO ) is up 1.35% to $37.50. The United States Natural Gas ETF ( UNG ) 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 ( TOO ) 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: TOO , UNG , USO

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