Sector Update: Energy

By Staff,

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Energy shares traded fairly flat in pre-market trade Tuesday as crude oil futures were higher.

Light, sweet crude oil for June delivery was up 0.46% at $101.30 per barrel. In other energy futures, heating oil was up 0.39% at $2.96 per gallon while natural gas was up 0.33% at $4.82 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was up 0.33% at $36.83. The United States Natural Gas ETF ( UNG ) was down 0.19% at $26.40.

In other energy news, oil drilling services provider Ensco ( ESV ) on Monday said net income attributable to common shareholders for Q1 2014 fell to $292.5 million, or $1.25 per diluted share, from $317.1 million, or $1.37 per diluted share, in the prior-year period due to lower utilization as certain rigs rolled off contract. Excluding special items, net income was $1.31 per diluted share versus the Capital IQ consensus of $1.21.

Revenues grew 3% to $1.187 billion during the quarter, in line with Street forecast.

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) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: USO , UNG , ESV

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