Markets

Sector Update: Energy

Energy shares are higher in mid-day trading while crude oil futures are trading below $93 a barrel at the New York Mercantile Exchange. Light, sweet crude for July delivery is trading down 0.44% to $92.85 a barrel. In energy ETFs, the United States Oil Fund (USO) is down 0.27% to $36.62. The United States Natural Gas ETF (UNG) is up 1.74% at $11.13. In mid-day news, Seadrill ( SDRL ) says it will sell the 1985 built jack-up drilling rig West Janus to Harrington LLC in Dubai for US$73 million. SDRL expects to record a gain on the sale in excess of US$50 million on closing. Closing of the agreement and the transfer of ownership of the unit is scheduled upon completion of the rig's present drilling assignment in 2H11. Meanwhile, NGL Energy Partners (NGL) is reportedly initiated with an "outperform" at RBC Capital. The price target for NGL is $22.

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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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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