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Sector Update: Energy

By: MT Newswires
Posted: 8/16/2013 8:09:00 AM
Referenced Stocks: HES;NFX;UNG;USO;XOM

Energy shares lower in pre-market, while crude oil futures are up toward $108 per barrel.

Light, sweet crude oil for September delivery is up $0.19 per share at $107.52 per barrel. In other energy futures, heating oil is up $0.01 at $3.09 a gallon while natural gas is down $0.03 at $3.39 per million British thermal units.

In energy ETFs , the United States Oil Fund ( USO ) is flat at $38.24. The United States Natural Gas ETF ( UNG ) is down 0.16% at $17.90.

In other energy news, Newfield ( NFX ) and Hess ( HES ) could be movers on Friday after Bloomberg reports that Exxon ( XOM ), Royal Dutch (RDSA) and Talisman (TLM) are among bidders for Asian oil and natural gas fields that may fetch about $3 billion for HES and NFX, said two people with knowledge of the matter.

HES is selling its share of gas fields in Indonesia and Thailand, while NFX and natural gas projects in Malaysia and China. Each hired Goldman Sachs Group Inc. (GS) to manage the process, and plans to short-list potential buyers next month, said one of the people.