Sector Update: Energy


Energy issues are mostly lower pre-market, even though oil prices are pushing up closer to the psychologically critical $90 a barrel mark. Salamander Energy plc (SMDR) will buy Indonesia's Elnusa Bangkanai Energy Ltd for $11.2 million to bolster its foothold in the country. Elnusa has a 69% stake in the Bangkanai prospect that contains the Kerendan gas field, which has about 157 billion cubic feet of gas. DNO International ASA ( DNO ) said oil exports from Iraq's Kurdish region could resume once a government is firmly established in Baghdad, according to Bloomberg. Ship fuel supplier Aegean Marine Petroleum Network Inc ( ANW ) reported third quarter results that fell short of analysts' estimates, and has plunged over 38% before the opening bell on the NYSE. Brent crude is up 0.1% at $89.08 a barrel on NYMEX.

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

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This article appears in: Investing , Commodities

Referenced Stocks: ANW , DNO

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