Sector Update: Energy
Energy shares are higher as the last hour of the regular session gets underway and crude oil futures gain over 2% helped, in part, by mixed economic data. The Commerce Department released data this morning showing US retail sales fell 0.2% last month to $387.1 billion, according to the Commerce Department this morning. The data showed the first decline after 11 straight months of gains. But figures still topped economists' call for total sales to fall 0.7% in May, according to a MarketWatch. Without a 2.9% drop in motor vehicle sales, retail sales increased 0.3%. Light, sweet crude oil for July delivery finished up 2.1% to $99.37 a barrel. In energy ETFs, the United States Oil Fund (USO) is up 2.3% to $39.14. The United States Natural Gas ETF (UNG) is down 1.19% at $11.64. In late-session energy news, BreitBurn Energy Partners ( BBEP ), an independent oil and gas partnership, today announced signing a definitive agreement towards the acquisition of oil properties in Niobrara County, Wyoming, for $58.1 mln subject to customary closing conditions and purchase price adjustments from the effective date of July 1.