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Sector Update: Energy Shares Higher Along With Crude Futures; November Contract Finishes Above $80

By: MT Newswires
Posted: 9/26/2011 3:24:00 PM
Referenced Stocks: CVX;TYG;UNG;USO

NYMEX Benchmark Crude November: (+0.5%) to $80.24

Top Energy Stocks

XOM: +2.2%

CVX: -0.1%

COP: +0.9%

SLB: +0.6%

OXY: +3.5%

Energy shares are higher in a volatile session while crude oil futures managed to keep the high ground to finish above $80 a barrel.

Light, sweet crude oil for November delivery finished up 0.5% to $80.24 a barrel. In other energy futures, heating oil was down 0.07% to $2.79 a gallon while natural gas was up 2.24% to $3.78 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.32% to $31.19. The United States Natural Gas ETF ( UNG ) is up 2.25% to $9.44.

In late-session energy news, shares of Chevron ( CVX ) are down as Bloomberg reports the company will make a final decision in 2013 about how much more it will invest in a move to add as much as 6 billion barrels of crude reserves to an oil field shares by Kuwait and Saudi Arabia.

Chevron is moving forward on a pilot project to inject steam into the Wafra field after seeing early promising results, the report said.

Chevron shares are up 0.1% or $0.09, to $90.10.

Meanwhile, Tortoise Energy Infrastructure ( TYG ) is reportedly upgraded to Outperform from Neutral at Robert W. Baird. The firm set a price target of $41.

Tortoise Energy shares are down 0.9%.