|Back to main|
Sector Update: Energy Shares Mixed as Crude Futures Close Below $100 a Barrel
By: MT Newswires
NYMEX Benchmark Crude June: (-1.7%) to $99.17
Top Energy Stocks
Energy shares are mixed as the last hour of the regular session gets underway with crude futures closing below $100 a barrel.
Light, sweet crude oil for June delivery finished down 1.7% to $99.17 a barrel. In other energy futures, heating oil was up 0.04% to $2.90 a gallon while natural gas was down 2.22% to at $4.10 per million British thermal units.
In late-session energy news, ADRs of Royal Dutch Shell (RDS.A) are higher as Bloomberg reports that a $19 billion investment in Qatar of the world's largest gas-to-liquids plant could convert natural gas from shale rock across the United States into diesel and jet fuel.
The technology in the Qatar plant could be used on a smaller scale in the US if capital costs can be lowered, the report said.
Shall ADRs are up 0.39%, or $0.27, to $70.31.
Meanwhile, Sinotech Energy ( CTE ), a provider of enhanced oil recovery services in China, today reported Q2 net income of $10.9 mln versus last year's net loss of $2.6 mln.
GAAP diluted earnings per ADS was $0.17, higher than the Thomson Reuters expectation for $0.13, which typically exclude special items.
Sinotech also saw sales improve by 201.5% to $25 mln over last year's $8.29 mln. The company also upgraded its FY 2011 guidance for sales to be within the range of $100 mln to $105 mln.
Shares are 2.0% higher at $5.50.