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Sector Update: Energy Shares Higher; Crude Gains to Top $96 a Barrel
7/12/2011 1:26:00 PM
By: MT Newswires
NYMEX Benchmark Crude August: (+1.29%) to $96.42
Top Energy Stocks
Energy shares are higher as crude oil futures find upside momentum after starting the week lower.
Light, sweet crude for August delivery is trading up 1.29% to $96.42 a barrel. In other energy futures, heating oil is down 0.4% to $3.07 a gallon while natural gas is up 0.72% to $4.31 per million British thermal units.
In energy ETFs, the United States Oil Fund (USO) is up 1.42% to $37.82. The United States Natural Gas ETF (UNG) is up 1.11% at $10.90.
In mid-day news, Northland reportedly upgraded Clean Energy ( CLNE ) to "outperform" from "market perform."
The firm cited Chesapeake Energy's ( CHK ) $150M investment in the company to help fund the development of a national LNG fueling station network.
Shares are up 13.92% to $14.95.
Meanwhile, Evergreen Solar ( ESLR ) said in a SEC filing late Monday it is still trying to restructure its debt, but warns that to significantly deleverage its balance sheet, any restructuring will involve very significant or complete dilution to the company's existing stockholders.
The restructuring will leave them with a very small percentage of the company's outstanding common stock, if any.
Evergreen Solar shares are down 31.1% to $0.42.