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Sector Update: Energy

By: MT Newswires
Posted: 10/24/2011 3:08:00 PM
Referenced Stocks: CVX;PAA;SEMG;UNG;USO

Energy shares are higher in late-session trading while crude oil futures end with gains topping 4%. Light, sweet crude oil for November delivery finished up 4.4% to $91.27 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 4.49% to $35.37. The United States Natural Gas ETF ( UNG ) is down 1.19% to $8.71. In late-session energy news, Chevron ( CVX ) shares are higher as reports that the oil major has begun producing natural gas at its Platong II project in the Gulf of Thailand - a $3.1 billion project. Meanwhile, SemGroup ( SEMG ) has jumped 16.98% to $27.56 a share after Plains All American Pipeline ( PAA ) disclosed today that on October 6, 2011 it submitted a proposal to SemGroup to acquire all of the outstanding shares of SemGroup for $24.00 per share in cash.