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Sector Update: Energy

Posted
12/14/2010 1:35:00 PM
By: MT Newswires
Referenced Stocks:GE;UNG;USO;YGE

Energy shares are higher in mid-day trading as crude oil futures near $89 a barrel and General Electric ( GE ) wins a $500 million oilfield services contract. Crude oil for January delivery is trading up $0.24, or 0.27%, to $88.80 a barrel. In ETFs, the United States Oil Fund ( USO ) is up 0.55% to $38.10. The United States Natural Gas ETF ( UNG ) is down 2.73% to $5.89. The U.S Dollar Index (DXY) is down 0.06% to $79.24. In sector news, shares of General Electric are higher after the company won a $500-million services and equipment contract from Saudi Aramco for a project that will increase oil production from that country's Shaybah oil deposit. Meanwhile, shares of Yingli Green Energy ( YGE ) are higher after the company announced before the market opened that it has entered into a three-year sales contract with S.A.G. Solarstrom AG, a manufacturer, independent developer and system integrator in the solar power and solar investment market in Europe.