Sector Update: Energy


Energy stocks are higher in late trade, with the NYSE Energy Sector Index easing slightly heading into the close with a 0.9% gain.

Crude oil futures also are higher, underpinned by rising equity prices and expectations for future growth, with crude for February delivery up 91 cents to $102.22 a barrel; Brent crude is higher as well, with the February rising 0.9% to $113.44 a barrel. February natural gas is paring its losses late, currently trading down about 7 cents at $2.941 per million British Thermal Units.

In company news, Talisman Energy ( TLM ) was higher after saying it plans to spend just over $4 billion during 2012, focusing on profitable liquids opportunities. It also plans to divest between $1 billion and $2 billion of non-core assets this year.

Nexen ( NXY ) also was ahead by nearly double digits this afternoon after earlier saying Chief Executive Officer Marvin Romanow was leaving the exploration and production company, effective immediately. CFO Kevin Reinhart will serve as interim CEO during the upcoming search.

Encana ( ECA ) reportedly is asking the U.S. Environmental Protection Agency to suspend public comment on a draft report researching whether there was a link between hydraulic fracturing used at a natural-gas site in Wyoming and possible ground-water pollution. The company told the Associated Press the agency hasn't been clear about specific questions covered in the report.

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: ECA , NXY , TLM

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