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Sector Update: Energy Shares Rise; Crude Futures Surge Above $100 a Barrel

By: MT Newswires
Posted: 5/9/2011 1:05:00 PM
Referenced Stocks: DYN;SRE;UNG;USO

NYMEX Benchmark Crude June: (+3.61%) to $100.69

Top Energy Stocks

XOM: +0.3%

CVX: +0.8%

COP: +1.0%

SLB: +1.1%

OXY: +0.8%

Energy shares are higher as crude oil futures surge by nearly 4% to trade above $100 a barrel.

Light, sweet crude for June delivery is trading up 3.61% to $100.69 a barrel. In other energy futures, heating oil is up 2.76% to $2.92 a gallon while natural gas is up 0.78% to at $4.20 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 2.91% to $40. The United States Natural Gas ETF ( UNG ) is down 1.73% to $10.81.

In mid-day news, Dynegy Inc. ( DYN ) reported a swing to a Q1 net loss of $77 million, or $0.64 per diluted share, compared with net income of $145 million, or $1.20 per diluted share for Q1 2010.

DYN revenue fell to $505 million, from last year's $858 million, below analysts' estimate for a $534.62 revenue.

Shares are down 2.96% at $6.22.

Meanwhile, Sempra Energy ( SRE ) reported higher Q1 net income today of $258 million, or $1.07 per share, compared with the prior-year quarter's $106 million, or $0.42 per share.

Q1 earnings included a $96 million after-tax charge, or $0.38 per diluted share, due to a 2010 litigation settlement. Excluding this, the company's EPS increased 34%.

SRE revenues were down to $2.43 billion versus last year's $2.53 billion.

Shares are down 0.05% at $54.83.