Sector Update: Energy

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Energy shares are higher in late trading as crude oil futures managed to close well above $102 a barrel. Heating oil and natural gas were also higher. Light, sweet crude oil for July delivery finished up 2.1% to $102.70 a barrel. In energy ETFs, the United States Oil Fund (USO) is up 1.91% to $40.47. The United States Natural Gas ETF (UNG) is up 2.95% at $11.82. In late-session energy news, Magellan Petroleum ( MPET ) is sharply lower after it said it will not complete the Evans Shoal transaction because of concerns regarding recent substantial modifications to the Evans Shoal work program. Meanwhile, FuelCell Energy ( FCEL ) has risen nearly a third of its value after it received a $129 mln order for 70 megawatts of fuel cell kits from South Korea's POSCO Power, it's largest order ever, according to a Reuters report. Also, Noble Energy ( NBL ) shares are higher as the company announced Tuesday that it has made a new discovery at the Santiago exploration prospect in the deepwater Gulf of Mexico. The well, located in 6,500 feet of water on Mississippi Canyon Block 519, was drilled to a total depth of approximately 18,920 feet.



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This article appears in: Investing , Commodities

Referenced Stocks: FCEL , MPET , NBL

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