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Sector Update: Energy Shares Advance as Crude Futures Near $89 a Barrel; GE Gets Oil Services Contract in Saudi Arabia

Posted
12/14/2010 1:43:00 PM
By: MT Newswires
Referenced Stocks:GE;UNG;USO;YGE

NYMEX Benchmark Crude January: +$0.24 (+0.27%) to $88.80

Top Energy Stocks

XOM: +0.1%

CVX: +0.6%

COP: +0.5%

SLB: -0.4%

OXY: +0.7%

Energy shares are higher in mid-day trading as crude oil futures near $89 a barrel and General Electric ( GE ) wins a $500 million oilfield services contract.

Crude oil for January delivery is trading up $0.24, or 0.27%, at $88.80 a barrel. In other energy futures, heating oil is up 0.39% to $2.47 a gallon while natural gas fell 3.14%, to $4.28 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.55% to $38.10. The United States Natural Gas ETF ( UNG ) is down 2.73% to $5.89.

The U.S Dollar Index (DXY) is down 0.06% to $79.24.

In mid-day energy sector news, shares of General Electric are higher as the company won a $500 million in a services and equipment contract from Saudi Aramco in a project that will increase oil production from that country's Shaybah oil deposit, the company said in a statement.

The contract will allow the capacity from the deposit to be boosted by 1 million of barrels a day.

General Electric shares are up $0.06, or 0.34%, to $17.68.

Meanwhile, shares of Yingli Green Energy ( YGE ) are higher in the regular session after the company announced before the market opened that it has entered into a three-year sales contract with S.A.G. Solarstrom AG, a manufacturer, independent developer and system integrator in the solar power and solar investment market in Europe.

Yingli Green shares are up 0.68%, or $0.07, to $10.36.