Sector Update: Energy

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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 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. 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.




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This article appears in: Investing , Commodities

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

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100,376,898
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As of 12/19/2014, 04:15 PM


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