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Sector Update: Energy Shares Gaining as Crude Futures Advance Over $88 a Barrel

By: MT Newswires
Posted: 12/13/2010 1:17:00 PM
Referenced Stocks: GE;UNG;USO;WTI

NYMEX Benchmark Crude January: +$0.41 (+0.47%) to $88.19

Top Energy Stocks

XOM: +0.3%

CVX: +1.8%

COP: +2.4%

SLB: +2.5%

OXY: +2.1%

Energy shares are broadly higher in mid-day trading as crude futures move over the $88 mark in a good day for commodities.

Crude oil for January delivery is trading up $0.41, or 0.47%, at $88.19 a barrel. In other energy futures, heating oil is down 0.03% to $2.45 a gallon while natural gas fell 0.91%, to $4.37 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.44% to $37.83. The United States Natural Gas ETF ( UNG ) is down 0.82% to $6.04.

The U.S Dollar Index (DXY) is down 0.96% to $79.30.

In sector news, General Electric ( GE ) is just lower after announcing plans to buy British oil services company Wellstream for $1.3 billion, two months after a lower offer from GE was rejected.

GE shares are down 0.23% to $17.68.

Also, W&T Offshore ( WTI ) is higher after its Board declared a special cash dividend of $0.66 per share, payable to the holders of the corporation's common shares. The special dividend will be payable on Dec. 29 to shareholders of record on Dec. 21.

W&T shares are up 2.57%, or $0.44, to $17.55.