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Sector Update: Energy

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Energy stocks were lower Friday with the NYSE Energy Sector Index sinking about 0.6% while shares of energy companies in the S&P 500 were down 0.5% as a group. Crude oil for June delivery was up 51 cents at $100.77 per barrel while June natural gas was down 5 cents at $4.52 per 1 million BTU.

In company news, Methes Energies International Ltd. ( MEIL ) shares surged as much as 55% Friday after the biofuels company late yesterday finalized deals to supply up to 40 railcars of biodiesel each month to a large national aggregator and a downstream distributor.

The monthly shipments are equal to as much as 1 million gallons and will add up to $4 million to the company's sales each month, based on current prices.

The new agreements will allow MEIL to sell directly to U.S. buyers, which according to company president Nicholas Ng, "will make things much easier for us and enhance our ability to attract additional U.S. customers."

It also "might get us to increase capacity" at the company's production facility in Sombra, Ont., "sooner rather than later," Ng said. Sombra's current capacity is 13 million gallons yearly.

MEIL shares were up slightly more than 31% at $3.46 each in recent trade, earlier advancing to a session high of $4.35 a share. The stock has a 52-week range of $1.50 to $5.50 a share, rising 5.8% over the past 12 months.

In other sector news,

(+) CPE, (+5.6%) Adjusted Q1 earnings of $0.11 per share top Capital IQ consensus by $0.06. Revenue rises 47.7% year over year to $33.3 mln, beating expectations by around $4.6 mln.

(-) SGY, (-1.9%) Prices underwritten offering of 5 mln shares of its common stock at $41 each, a 1.9% discount to Thursday's closing price and generating $205 mln in gross proceeds.

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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