Sector Update: Energy
Energy shares are down in late trading as crude oil futures finish above $105 a barrel in yet another strong gain for the commodity. Light, sweet crude oil for April delivery finished up $3.53, or 1%, to $105.44 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.14% to $42.37. The United States Natural Gas ETF ( UNG ) is up 3.2% to $5.24. In late-session energy news, El Paso Pipeline Partners ( EPB ) is down after it said it will pay $587 million to El Paso ( EP ) to increase it stake in Southern Natural Gas Co. by 22%. EPB will own an 82% stake in Southern Natural Gas after the deal closes. Meanwhile, James River Coal ( JRCC ) is sharply higher after it reported this morning that Q4 EPS of $0.93, up from a year ago loss of $0.12 per share. Separately, the company said it signed a definitive agreement to purchase International Resource Partners LP (IRP) and Logan & Kanawha Coal Company, LLC (L&K) and their affiliated companies for $475 million in an all-cash transaction.