Sector Update: Energy


Energy shares are firm as crude oil futures jump to top $96 a barrel while the broader market holds the line in positive territory. Light, sweet crude for August delivery is trading up 1% to $96.65 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 1.04% to $37.94. The United States Natural Gas ETF ( UNG ) is up 2.44% at $11.32. In mid-day news, Lucas Energy, Inc. ( LEI ) is up more than 7% to $2.92 today after the company announced that it had had gross production in May of nearly 8,000 bbls of oil and more than 4.6 MMCF of natural gas. Meanwhile, Jefferies reportedly upgraded Transocean ( RIG ) to "buy" from "hold." The firm based the upgrade on signs of improvement in the offshore drilling cycle and a modest pricing recovery.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: LEI , RIG , UNG , USO

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by