NYMEX Benchmark Crude April: +$5.18 (+5.75%) to $94.87
Top Energy Stocks
Energy shares are mixed in mid-session trading as the broader market sinks, while crude futures are surging above $90 a barrel.
Light, sweet crude oil for April delivery is trading up $5.18, or 1.37%, to $94.87 a barrel. In other energy futures, heating oil is up 3.42% to $2.80 a gallon while natural gas is down 1.34% to $3.82 per million British thermal units.
In mid-day news, violent clashes between Libyan police and protesters have spread to Tripoli. The nation's autocratic leader, Moammar Gadhafi, appeared to lose control of some eastern parts of the country to anti-regime forces, The Wall Street Journal reported.
The events in Libya drove crude futures on the first day of trading for the new contract.
Chesapeake Energy ( CHK ) said late Monday it will sell its interests in approximately 487,000 net acres of leasehold and producing natural gas properties in the Fayetteville Shale play in central Arkansas to a unit of BHP Billiton ( BHP ) for $4.75 billion in cash before certain deductions and standard closing adjustments.
The transaction includes existing net production of approximately 415 million cubic feet of natural gas equivalent per day and midstream assets with approximately 420 miles of pipeline. As part of the transaction, CHK will provide essential services for up to one year for BHP's Fayetteville properties for an agreed-upon fee. The transaction is expected to close in the first half of 2011.
Chesapeake Energy shares are up 5% to $31.95.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.