Sector Update: Energy


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.

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: FCEL , MPET , NBL

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