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Sector Update: Energy

By: MT Newswires
Posted: 11/4/2013 8:22:00 AM
Referenced Stocks: CSIQ;UNG;USO

Energy shares are flat to higher in pre-market, while crude oil futures are slightly lower.

Light, sweet crude oil for December delivery is trading down $0.01 at $94.60 a barrel. In other energy futures, heating oil is flat at $2.88 a gallon while natural gas is down $0.09 at $3.43 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.38% at $34.00. The United States Natural Gas ETF ( UNG ) is down 2.63% at $17.00.

In energy stocks news, solar module manufacturer Canadian Solar Inc. ( CSIQ ) gained more than 6% in early trade after reporting that it expects to be profitable at the net-income level (on a US-GAAP basis) in Q3 2013.

Revenue is seen in the range of $470 million to $495 million, versus the Capital IQ consensus of $495 million.

Furthermore, solar module shipments are expected to be between 460 MW to 480 MW, exceeding the company's guidance of 410 MW to 430 MW.