Sector Update: Energy

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Energy shares are higher in pre-market, while crude oil futures are lower.

Light crude oil for December delivery is trading down $0.62 at $98.06 a barrel.

In other energy futures, heating oil is down $0.02 at $2.95 a gallon while natural gas is down $0.01 at $3.56 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is flat at $35.54. The United States Natural Gas ETF ( UNG ) is down 0.05% at $18.18.

In other energy news, BP ( BP ) shares are up about 4% in pre-market trade as its Q3 profit tops expectations.

Meanwhile, Eagle Rock Energy ( EROC ) is down about 16% at $6.20 as it lowered its dividend to $0.15 per common share for the quarter ended September 30, 2013, equivalent to $0.60 per unit on an annualized basis.

The Q3 dividend represents a drop from the $0.22 per common share paid for the second quarter due to the company being unable "to generate insufficient distributable cash flow to cover the $0.22 per unit distribution level" despite an improvement in preliminary earnings.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BP , EROC , UNG , USO

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