Sector Update: Energy Shares Higher as Crude Oil Futures End Atop $91 a Barrel
NYMEX Benchmark Crude December: (+4.4%) to $91.27
Top Energy Stocks
Energy shares are higher in late-session trading while crude oil futures end with gains topping 4%.
Light, sweet crude oil for November delivery finished up 4.4% to $91.27 a barrel. In other energy futures, heating oil was up 0.81% to $3.04 a gallon while natural gas was down 0.69% to $3.60 per million British thermal units.
In late-session energy news, Chevron ( CVX ) shares are higher as Bizjournals.com reports that the oil major has begun producing natural gas at its Platong II project in the Gulf of Thailand - a $3.1 billion project.
Ultimately, Chevron is looking to produce 330 million cubic feet per day from the project, the report said.
Chevron share are up 1.02%, or $1.08, to $106.61.
Meanwhile, SemGroup ( SEMG ) has jumped 16.98% to $27.56 a share after Plains All American Pipeline ( PAA ) disclosed today that on October 6, 2011 it submitted a proposal to SemGroup to acquire all of the outstanding shares of SemGroup for $24.00 per share in cash.