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Sector Update: Energy

By: MT Newswires
Posted: 12/13/2010 1:15:00 PM
Referenced Stocks: GE;UNG;USO;WTI

Energy shares are broadly higher in mid-day trading as crude futures move over the $88 mark in a good day for commodities. Crude oil for January delivery traded up $0.41, or 0.47%, at $88.19 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.44% to $37.83. The United States Natural Gas ETF ( UNG ) is down 0.82% to $6.04. In sector news, General Electric ( GE ) is just lower after announcing plans to buy British oil services company Wellstream for $1.3 billion, two months after a lower offer from GE was rejected. Also, W&T Offshore ( WTI ) is higher after its Board declared a special cash dividend of $0.66 per share, payable to the holders of the Corporation's common shares. The special dividend will be payable on Dec. 29 to shareholders of record on Dec. 21.