Energy shares were generally flat in pre-market trade Thursday as crude oil futures fell as both the International Energy Agency and the U.S. Energy Information Administration cut their demand expectations for oil in 2014 and 2015.
Light, sweet crude oil for September delivery was down 0.17% at $97.42 per barrel. In other energy futures, heating oil was down 0.56% at $2.89 per gallon while natural gas was up 0.29% at $3.84 per million British thermal units.
In other energy news, Turquoise Hill Resources (TRQ, TRQ.TO) said its Oyu Tolgoi mine has signed a Power Sector Cooperation agreement with the government of Mongolia to develop an independent power producer that will be part of an energy plan for the South Gobi region.
The agreement calls for an open, international tender process to identify and select an independent power provider to privately fund, construct, own, and operate a power plant to supply electricity, with Oyu Tolgoi as the primary consumer. Full evaluation of the independent power producer option is expected to take nine to 12 months.
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