Sector Update: Energy
Energy shares are mixed as the last hour of the regular session gets underway with crude futures closing below $100 a barrel. Light, sweet crude oil for June delivery finished down 1.7% to $99.17 a barrel. In other energy futures, heating oil was up 0.04% to $2.90 a gallon while natural gas was down 2.22% to at $4.10 per million British thermal units. In late-session energy news, ADRs of Royal Dutch Shell (RDS.A) are higher as Bloomberg reports that a $19 billion investment in Qatar of the world's largest gas-to-liquids plant could convert natural gas from shale rock across the United States into diesel and jet fuel. The technology in the Qatar plant could be used on a smaller scale in the US if capital costs can be lowered, the report said. Meanwhile, Sinotech Energy ( CTE ), a provider of enhanced oil recovery services in China, today reported Q2 net income of $10.9 mln versus last year's net loss of $2.6 mln.