AmericanEnergyReport.com

March 30, 2011 09:58 ET

American Energy Report Issues Wednesday Morning Energy Update: Citigroup, Bank of America, Sprint Nextel, Intel, Crexus Investment and UnionTown Energy

American Energy Report's Morning Update Features Citigroup, Inc. (C), Bank of America Corp. (BAC), Sprint Nextel Corp. (S), Intel Corp. (INTC), Crexus Investment Corp. (CXS) and UnionTown Energy, Inc. (UTOG).

LAS VEGAS, NEVADA--(Marketwire - March 30, 2011) -

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Energy Update: Oil & Gas

Bank of America reports the United States was the third largest contributor to non-OPEC oil supply growth in 2010 based on continuing growth of onshore North American crude output. Bank of America is one of the world's largest financial institutions, serving about 57 million consumer and small business relationships with more than 5,800 retail banking offices.

Get up-to-minute energy investment news you can trust from AmericanEnergyReport.com, the country's premier independent small-cap research firm focusing on the energy sector.

WTI and Brent futures decreased overnight on reports that Libyan rebels were gaining ground in their fight against government forces. The news raised expectations of a quick resolution. Additionally, a rebel spokesperson stated that all export contracts will be honoured.

As a reminder, oil and gas company UnionTown Energy, Inc. (UTOG) has risen rapidly in price, attracting major attention from investors and generating over 30 million in trading volume in the past two weeks. UTOG climbed from $0.87 on Monday, March 14 to a $1.55 on Monday, March 29th for a gain of almost 100%.

Big Bank News:

In the last quarter of 2010, Citibank made a bad move by selling off its Energy Sector SDPR (XLE) holdings by almost 30%. Subsequently, XLE gained 10.46%, costing Citibank nearly $10 million in lost profits.

The major financial institutions are back in the mortgage business. On Monday, a number of the players, including Bank of America, JP Morgan, Wells Fargo, Citigroup and Ally Financial's GMAC unit sent government officials a new list of mortgage-servicing standards they would uphold. A meeting is planned for Wednesday to hash out the terms.

Meanwhile, CreXus Investment Corp.'s (CXS) planned sale of 50 million shares priced late Monday at a 5.3% discount to its closing price, just hours after the company's board rejected a $255 million takeover bid from Starwood Property Trust Inc. (STWD). CreXus shares were down nearly 6% $11.43 in trading earlier today.

Other Energy News:

A new partnership between Sprint and energy control equipment manufacturer SmartLabs announced this week is designed to assist small businesses and residential users cut energy costs. By combining SmartLabs' premises-based automation technology with Sprint's cellular connectivity, home and business owners will be able to schedule devices to be turned on and off or make such adjustments remotely via a smartphone connection or web portal, the partners said.

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