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Sector Update: Energy Shares Mixed as Crude Futures Close Below $100 a Barrel

By: MT Newswires
Posted: 5/19/2011 3:07:00 PM
Referenced Stocks: CTE;UNG;USO

NYMEX Benchmark Crude June: (-1.7%) to $99.17

Top Energy Stocks

XOM: +0.1%

CVX: +0.5%

COP: +0.5%

SLB: -0.7%

OXY: -1.8%

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 energy ETFs, the United States Oil Fund ( USO ) is down 1.11% to $39.06. The United States Natural Gas ETF ( UNG ) is down 2.22% at $10.59.

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.