Sector Update: Energy

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Energy shares are higher in late-session trading while crude oil futures end with gains topping 4%. Light, sweet crude oil for November delivery finished up 4.4% to $91.27 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 4.49% to $35.37. The United States Natural Gas ETF ( UNG ) is down 1.19% to $8.71. In late-session energy news, Chevron ( CVX ) shares are higher as reports that the oil major has begun producing natural gas at its Platong II project in the Gulf of Thailand - a $3.1 billion project. Meanwhile, SemGroup ( SEMG ) has jumped 16.98% to $27.56 a share after Plains All American Pipeline ( PAA ) disclosed today that on October 6, 2011 it submitted a proposal to SemGroup to acquire all of the outstanding shares of SemGroup for $24.00 per share in cash.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: CVX , PAA , SEMG , UNG , USO

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