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Sector Update: Energy

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Energy shares are mostly higher ahead of the closing bell after crude managed to close in positive territory on continued concern over potential supply issues resulting from the unrest in Libya. Light, sweet crude oil for April delivery finished up $0.60, or 0.6%, to $97.88 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 1.95% to $39.73. The United States Natural Gas ETF ( UNG ) is up 3.38% to $5.35. In late-session energy news, ConocoPhilips ( COP ) shares are just higher and the Houston Business Journal reports that the oil major's joint venture Australia LNG Pty Ltd. inked a liquefied natural gas agreement with China Petrochemical Corp., called Sinopec for short. The 20-year deal calls for Australia LNG to supply up to 4.3 million tons of LNG per year to Sinopec. Meanwhile, ADRs of BP ( BP ) are higher as Reuters reports the British oil major is asking its Russian arm TNK-BP to submit new proposals on ways to join BP's joint venture with Rosneft, Russia's top oil producer. A source told Reuters that "BP is not satisfied with the recommendations from TNK-BP's management on its participation in the deal. BP thinks that new proposals should be submitted."

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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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