Sector Update: Energy

By Staff,

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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.

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: CSUN , HAWK , HERO , UNG , USO

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