Energy Sector Update

Financial News Network
March 02, 2011 AT 6:18 AM
Energy shares are gaining as crude oil futures jump nearly 2% on concern over unrest across the Middle East. Light, sweet crude oil for April delivery is trading up $1.94, or 1.99%, to $98.92 a barrel. In other energy futures, heating oil is up 2.07% to $2.99 a gallon while natural gas is down 3.77% to $3.88 per million British thermal units. In energy ETFs, the United States Oil Fund (USO) is up 1.79% to $39.89. The United States Natural Gas ETF (UNG) is down 3.71% to $5.19. In mid-day news, Noble Energy, Inc. (NBL) has received an approved permit to resume drilling at the Santiago prospect in the deepwater Gulf of Mexico. Well operations were suspended in June 2010 as a result of the deepwater Gulf of Mexico drilling moratorium. Santiago is a middle Miocene amplitude prospect on Mississippi Canyon Block 519. Noble Energy is the operator with a 23.25 percent working interest. Noble Energy shares are down 1.52% to $91.27.