Energy shares are higher in pre-market trading while crude oil futures are building on prior-session gains. January crude is trading up $0.27 to $98.48 a barrel according to the CME Group. The most active natural gas contract is up $0.02 to $3.55. Shares of Schlumberger ( SLB ) are higher as the company is reportedly initiated with a Buy at Jefferies. The firm set a price target of $90. SLB shares are up 0.3% to $69.41 in pre-market trade. Also from Jefferies: the firm downgraded Pioneer Drilling ( PDC ) to Hold from Buy. Price target is lowered to $10.50 from $11.50. PDC shares are up 1.2%.
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