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Sector Update: Energy Shares Mixed; Crude Futures Top $80 a Barrel

By: MT Newswires
Posted: 9/26/2011 1:31:00 PM
Referenced Stocks: CVX;TYG;UNG;USO

NYMEX Benchmark Crude November: (+0.29%) to $80.06

Top Energy Stocks

XOM: +1.6%

CVX: -0.2%

COP: +0.9%

SLB: -1.1%

OXY: +2.9%

Energy shares are mixed to higher in mid-day trading as crude oil futures manage to climb back atop $80 a barrel at the New York Mercantile Exchange.

Light, sweet crude for November delivery is trading up 0.29% to $80.06 a barrel. In other energy futures, heating oil is up 0.39% to $2.80 a gallon while natural gas is up 1.92% to $3.77 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.29% to $31. The United States Natural Gas ETF ( UNG ) is up 2.28% to $9.44.

In mid-day news, Chevron ( CVX ) is down 0.33% to $89.70 a share after it says its Australian subsidiary will proceed with the construction of its Wheatstone Project in Western Australia.

The foundation phase of the Wheatstone Project is estimated to cost US$29 billion and consists of two LNG processing trains with a combined capacity of 8.9 million tons per annum (MTPA), a domestic gas plant and associated offshore infrastructure including the processing platform, subsea equipment, drilling and an export trunkline. First gas is planned for 2016.

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 0.65%.