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Sector Update: Energy

By: MT Newswires
Posted: 9/3/2013 9:02:00 AM
Referenced Stocks: FST;UNG;USO

Energy shares are higher in pre-market, while crude oil futures are down toward $107 per barrel.

Light, sweet crude oil for October delivery is down $0.45 per share at $107.20 per barrel. In other energy futures, heating oil is up $0.01 at $3.15 a gallon while natural gas is up $0.07 at $3.65 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.26% at $38.38. The United States Natural Gas ETF ( UNG ) is up 1.2% at $19.17.

In other energy news, Forest Oil Corporation ( FST ) said it agreed to sell some of its largely undeveloped acreage in the Permian Basin of West Texas for about $35 million to reduce outstanding borrowings.

The transaction includes approximately 58,200 gross acres in Crockett County, Texas. The sale is expected to close on or before September 10, 2013.

The company didn't name the buyer. The shares are trading in a 52-week range of $3.77 - $9.32.