Sector Update: Energy

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Energy stocks were mixed Monday afternoon with the NYSE Energy Sector Index falling about 0.8% while shares of energy companies in the S&P 500 were up 0.7% as a group. Crude oil for October delivery was down 30 cents at $93.25 per barrel while September natural gas was up $0.09 to $3.93 per 1 million BTU.

In company news, American depository shares of CNOOC Ltd. ( CEO ) were higher Monday after the Chinese energy major said it has begun production at its Wenchang 13-6 oilfield in the Pearl River Basin of the South China Sea.

The company's ADS recently were ahead about 1.4% at $197.54 each, earlier climbing to a session high of $197.84 per ADS. The stock has traded with a 52-week range of $147.24 to $211.49 a share, rising slightly more than 1% over the past 12 months.

The Wenchang 13-6 oilfield includes five wells producing around 1,300 barrels per day. CEO is sole owner and operator of the field, part of a broader production zone that includes a total of 12 producing wells and one wellhead platform.

In other sector news,

(+) TNP, (+0.6%) Begun at Outperform in new coverage at Wells Fargo.

(-) SPKE, (-0.8%) Wunderlich initiates coverage with a Buy rating.



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.

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This article appears in: Investing , Commodities

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