Energy Sector Update: March 18, 2011
Energy shares are higher in mid-day trading but crude oil futures are trending lower. The April contract, however, is still above $100 a barrel. Light, sweet crude oil for April delivery traded down 0.06%, or $0.70 to $100.75 a barrel. In energy ETFs, the United States Oil Fund (USO) is down 0.15% to $40.63. The United States Natural Gas ETF (UNG) is up 0.45% to $11.14. In mid-day energy news, Buckeye Partners (BPL) announced Friday that it has entered into a definitive agreement with BP Products North America (BP) and its affiliates to acquire 33 refined petroleum products terminals with total storage capacity of more than 10 million barrels and approximately 1000 miles of refined petroleum products pipelines. The total transaction purchase price will be $225 million.
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