Sector Update: Energy


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Energy shares are down as crude oil futures close near $100 a barrel on concern over Middle East unrest. Light, sweet crude oil for April delivery finished up $2.66, or 2.7%, to $99.63 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 2.78% to $40.28. The United States Natural Gas ETF ( UNG ) is down 3.9% to $5.18. In late session energy news, Exxon Mobil Corp. ( XOM ) is down 0.62% to $85, after the company flared gases at its refinery in Beaumont, Texas, according to Bloomberg, citing a message from a community hot line. The largest U.S. oil company's spokesman Kevin Allexon said "conditions necessitated that we flare," but declined to elaborate. Meanwhile, Noble Energy, Inc. ( NBL ) is down in late trading after the company said yesterday that it has received an approved permit to resume drilling at the Santiago prospect in the deepwater Gulf of Mexico. Well operations were suspended in June 2010 as a result of the deepwater Gulf of Mexico drilling moratorium.

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

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

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