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Sector Update: Energy

By: MT Newswires
Posted: 3/9/2011 3:46:00 PM
Referenced Stocks: DYN;UNG;USO;XOM

Energy shares are down in late trading as crude oil futures slipped to close below $105 a barrel. Light, sweet crude oil for April delivery finished down $0.64, or 0.63%, to $104.38 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 0.6% to $42.05. The United States Natural Gas ETF ( UNG ) is up 1.33% to $10.46. In late-session energy news, shares of Exxon Mobil ( XOM ) are down as Bloomberg reports the oil major is planning to spend $100 million a day for the next five years on capital projects such as natural-gas plants and news oil wells. Meanwhile, Dynegy ( DYN ) is down after the company said in an SEC filing it may be forced to file for bankruptcy protection, according to a Marketwatch report. The company said it may not be able to comply with debt payments by Q3 or Q4 of this year, the report said.