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Sector Update: Energy
By: MT Newswires
Energy shares are mixed in pre-market, while crude oil futures are down.
Light, sweet crude oil for November delivery is trading down $0.47 at $105.39 a barrel. In other energy futures, heating oil is up $0.02 at $3.02 a gallon while natural gas is down $0.04 at $3.69 per million British thermal units.
In other energy news, Consolidated Edison ( ED ) has named John McAvoy as its new president and CEO, effective January 1, 2014. McAvoy will also serve as CEO of ED's principal subsidiary, Consolidated Edison Company of New York, Inc.
McAvoy will succeed Kevin Burke who will retire as president and CEO on December 31. ED is flat at $56.58.
And NGL Energy Partners LP ( NGL ) is down 5% pre-market, currently trading at $32.86, after commencing an underwritten public offering of 4.1 million common units representing limited partner interests. NGL will also grant the underwriters a 30-day option to purchase up to 615,000 additional common units. NGL intends to use the net proceeds from this offering to repay indebtedness incurred in connection with recent acquisitions.