Sector Update: Energy
Energy shares were trading flat to higher in pre-market trade Monday as energy futures were higher.
Light, sweet crude oil for May delivery was up 0.46% at $99.92 per barrel. In other energy futures, heating oil was up 0.30% at $2.92 per gallon while natural gas was up 0.28% at $4.32 per million British thermal units.
In other energy news, Jones Energy, Inc. ( JONE ) said Jones Energy Holdings, a subsidiary of the company, and Jones Energy Finance Corp., a subsidiary of JEH, will offer $300 million in aggregate principal amount of senior unsecured notes due 2022 in a private placement to eligible purchasers.
Jones Energy intends to use the net proceeds of the offering to repay all outstanding borrowings under the company's existing second lien term loan facility and pay down borrowings under its senior secured revolving credit facility.
JONE closed up 3.3% Friday, trading in a 52-week range of $13.05 to $18.32.