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Sector Update: Energy

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Energy issues are lower as oil prices fall on concerns of a possible rate hike in China. Chevron ( CVX ) is down slightly even as it affirmed its previous full-year production guidance for 2010. Royal Dutch Shell plc (RDSA) was granted approval from the Australian government to develop the world's first liquefied natural gas project using a floating plant. Environment Minister Tony Burke stated, however that the plant off the coast of Western Australia will need to adhere to strict conditions. Energy trust Enerplus Resources Fund ( ERF ) is down slightly before the bell on the NYSE despite reporting third quarter results that beat market expectations. Oil refiners Saras SpA ( SRS ) and ERG SpA (ERG) are both expecting profits to rise in the fourth quarter as strikes and maintenance slow down fuel production in Europe. Brent crude is 1.6% weaker at $87.39 a barrel on NYMEX.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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