Sector Update: Energy
Energy stocks are higher at mid-day, with the NYSE Energy Sector Index rising 1.1% to 12,860.
Crude oil futures also are higher, underpinned by rising equity prices and expectations for future growth, with crude for February delivery up $1.56 to $102.87 a barrel; Brent crude is higher as well, with the February rising 0.9% to $113.44 a barrel. February natural gas is off 8.5 cents at $2.927 per million British Thermal Units.
In company news, Nexen ( NXY ) Chief Executive Officer Marvin Romanow left the exploration and production company, effective immediately. CFO Kevin Reinhart will serve as interim CEO during the upcoming search. Nexen shares were up nearly 10% shortly before 12 p.m. ET.
Also, Encana ( ECA ) reportedly is asking the U.S. Environmental Protection Agency to suspend public comment on a draft report researching whether there was a link between hydraulic fracturing used to extract natural gas from Encana property in Wyoming and possible ground-water pollution. The company told the Associated Press the agency hasn't been clear about specific questions and topics that will be covered in the report. The company also is seeking access to data used in the document, filing a Freedom of Information Act request in recent days to get it.
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