Sector Update: Energy
Energy shares are higher in pre-market, while crude oil futures drops.
Light, sweet crude oil for October delivery is trading down $1.59 at $106.62 a barrel. In other energy futures, heating oil is down $0.05 at $3.07 a gallon while natural gas is down $0.02 at $3.66 per million British thermal units.
In other energy news, OCI Resources LP ( OCIR ) priced its initial public offering of 5,000,000 common units representing limited partner interests in the Partnership at a public offering price of $19.00 per common unit. OCIR is flat at $18.00.
And, L&L Energy ( LLEN ) is up 3.7% at $2.55 after it said it has reached a strategic agreement with the China Low-Carbon Industry Investment Center to jointly develop new energy initiatives.
The investment center has invited L&L to build new energy projects using low carbon and new energy technology on its land located at an industrial park in Zhuozhou City, Hebei Province, approximately 30 miles from Beijing City center.