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Sector Update: Energy Shares Rise; Crude Oil Futures Near $99 a Barrel

By: MT Newswires
Posted: 3/1/2011 1:15:00 PM
Referenced Stocks: NBL;UNG;USO

NYMEX Benchmark Crude April: +$1.94 (+1.99%) to $98.92

Top Energy Stocks

XOM: -0.5%

CVX: -0.2%

COP: -0.01%

SLB: -1.2%

OXY: -1.0%

Energy shares are gaining as crude oil futures jump nearly 2% on concern over unrest across the Middle East.

Light, sweet crude oil for April delivery is trading up $1.94, or 1.99%, to $98.92 a barrel. In other energy futures, heating oil is up 2.07% to $2.99 a gallon while natural gas is down 3.77% to $3.88 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 1.79% to $39.89. The United States Natural Gas ETF ( UNG ) is down 3.71% to $5.19.

In mid-day news, Noble Energy, Inc. ( NBL ) has received an approved permit to resume drilling at the Santiago prospect in the deepwater Gulf of Mexico. Well operations were suspended in June 2010 as a result of the deepwater Gulf of Mexico drilling moratorium.

Santiago is a middle Miocene amplitude prospect on Mississippi Canyon Block 519. Noble Energy is the operator with a 23.25 percent working interest.

Noble Energy shares are down 1.52% to $91.27.