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Sector Update: Energy

By: MT Newswires
Posted: 7/7/2014 8:49:00 AM
Referenced Stocks: USO;UNG;RICE

Energy shares were generally flat in pre-market trading Monday as crude-oil futures dropped.

Light, sweet crude oil for August delivery was down 0.2% at $103.89 per barrel. In other energy futures, heating oil was down 0.4% at $2.92 per gallon while natural gas was down 2.2% at $4.31 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was flat at $38.25. The United States Natural Gas ETF ( UNG ) was down 1.9% at $23.65.

In other energy news, Rice Energy ( RICE ) said it agreed to acquire approximately 22,000 net acres and 12 developed Marcellus wells in western Greene County, Pennsylvania, from Chesapeake Appalachia and its partners. Rice Energy will pay approximately $336 million for the assets and expects to close the transaction in August. Shares of RICE were down 0.7% in recent pre-market trading at $29.09, in a 52-week range of $20.78 to $34.34.