Sector Update: Energy


Energy shares are higher in late trading as crude oil futures manage to climb and close above $108 a barrel. Light, sweet crude oil for May delivery finished up 1% to $108.15 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.3% to $42.99. The United States Natural Gas ETF ( UNG ) is up 3.06% to $11.13. In late-session energy news, BP plc ( BP ) shares are higher as Russia's Rosneft announced a share buyback as the company moves toward a $16 billion share swap deal, Reuters reports. Meanwhile, Kodiak Oil & Gas ( KOG ) says it is negotiating to contract a fourth rig for delivery in Q4. It controls a 40% to 50% working interest in wells being drilled by a non-operated drilling rig as part of its Dunn County, N.D. area of mutual interest with ExxonMobil ( XOM ).

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: BP , KOG , UNG , USO , XOM

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