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Sector Update: Energy

Energy shares are higher in late trading as crude oil futures manage to hold some gains to close above $100 a barrel. Light, sweet crude oil for June delivery finished up 3.3% to $100.10 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 2.62% to $39.55. The United States Natural Gas ETF ( UNG ) is up 0.28% at $10.84. In late-session energy news, Xcel Energy ( XEL ) CEO and Chairman Richard C. Kelly, today, announced his intention to retire, effective Aug. 24, 2011, during the company's annual meeting of shareholders in Minneapolis. Meanwhile, commercial crude oil inventories remained at 370.3 million barrels, above the upper limit of the average range for this time of year, the EIA said. Analysts polled by Platts were looking for crude stocks to gain by 500,000 barrels. Also, Chevron ( CVX ) shares are higher as Bloomberg reports the oil major is not seeking partners for its shale-gas fields in Poland. Furthermore, the company isn't seeking additional reserves in Poland, the report said.

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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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